EOS cryptocurrency has recorded major gains in the recent past, with one token currently trading at $15.33 as at press time, up from a low of $5 in the beginning of April.
Currently the fifth digital currency by market capitalization, EOS maintained a bullish trend over the past few days when the overall crypto market sentiment was negative. Even the reports of MyEtherWallet hacking which seem to have contributed to a bearish crypto market did not temper its momentum.
By virtue of this, it qualified as one of the top gainers for the week, recording an increment of more than 60% week-on-week.
Notably, this price rally was accompanied by a rise in trading volume as well implying that a significant hand is at play and this could lead to long-term momentum sustainability.
Considering that the coin’s all-time high in January was in the environs of $18, it is quite possible that it might soon reach that level again.
Some Factors Contributing to the Upward Momentum
One of the positive developments that could be impacting the price of EOS cryptocurrency has to do with the upcoming launch of EOSIO 1.0. Though the launch is expected to happen sometime in June, the precise date is still unknown.
EOSIO 1.0 is expected to be “the most powerful blockchain infrastructure to date” and this has triggered excitement and anticipation within the community.
Also noteworthy is the fact that in the days leading up to the network’s airdrop on April 15th, token prices realized massive gains. Interestingly, even after the event, prices did not drop as is customary for a majority of coins.
This could be attributed to the community’s excitement concerning the upcoming EOS cryptocurrency mainnet launch. Moreover, top ranking exchanges like Huobi, Bitfinex and Antpool are all keen on becoming block producers for the network, further increasing investor confidence in the model.