EOS (EOS) Price Anlaysis: EOS Omits 34 Million Coins To Plug Inflation; Bullish Run Is Likely

eToro
  • EOS eliminates 34 million coins from circulation deducting $167 million from market cap.
  • The next resistance level is at $6; 2019 target goes with $20.

EOS is one of the major cryptocurrencies in the global market and it is built upon the EOS.IO protocol. This protocol imitates major hardware needed for mining such as CPU and GPU. Recently 34 million EOS coin worth of $167 million was removed from current circulation as the inflation rate on this protocol was a major concern. The target of inflation rate was to reduce from 5% to 1%.

Current Statistics-

EOS

eToro Crypto
  • EOS 6th largest crypto coin in the market with respect to its market cap.
  • The ROI (Return on Investment) of EOS coin stands at 356.39%.
  • A total of 910,960,562 EOS are in current circulation.
  • The market cap as on 10th May at 01:14 UTC stands at $4,289,145,295.
  • The value of each coin is $4.71 and 0.00076453 BTC.
  • The 24h volume at the same UTC stands at $1,806,192,703.

Comparison-

EOS started the year with a very humble value of $2.5. There was no major immediate growth of this coin. However, the gradual growth started from the end of February. There were many instances of abrupt inclination of the coin. The highest point was achieved on April 10th at $5.88. However, this April growth was not sustainable. The value is under price correction phase currently. The market cap as on 10th April was $5,328,804,525. And the value of each coin stood at $5.88 and 0.00111175 BTC. The current market cap, as well as the value in USD, is 19.51% less than the figures for last month. The 1-day value currently is on a downtrend. The range of EOS in the last 24 hours was $4.94 – $4.66.

Prediction-

As mentioned earlier that EOS has taken steps to reduce inflation by omitting coins from circulation, our prediction calls for a positive effect. This step was taken after a short poll, and the administration said, “This large quantity of accumulated tokens has now become excessive and if we continue to allow it to keep growing; it will eventually become an attack vector for the network.” We predict the coin to have an uptrend now. The next resistance level would be $6, $7 and $8. By the end of 2019, the value of EOS should reach $20.

Conclusion-

Looking at the price trend, we advise locking in buying positions right now. Holding for the long term will benefit investors.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button