Despite a bit of a rocky start earlier this morning, it appears most cryptocurrency markets have come around eventually. So much even that some markets are openly bullish right now, including EOS. More specifically, the EOS price has risen by over 2% in recent hours, which is a rather promising sign.
Semi-Bullish EOS Price Momentum Appears
This morning, it appeared as if Bitcoin would drag all alternative markets down with it once again. Such a trend is not uncommon in the cryptocurrency world, especially over the weekend. Saturdays and Sundays usually provide very different trading momentum compared to the rest of the week. However, it appears all top markets enjoy some minor positive momentum right now.
As far as the EOS price is concerned, the current gains are more than respectable. A 2.1% rise in USD value brings the price to $2.84 again. There is also a 1.8% gain in EOS/BTC, as the altcoin is now valued at 78,318 Satoshi. Both levels should, in theory, be sustainable without too many problems. EOS Also has a very liquid market for a Saturday, with over $716 million in trading volume.
There are some key developments taking place which can easily explain this sudden increased interest in EOS. First of all, the EOSfinex trading platform will be ready for testing fairly soon. Although there is some work to be done, an open public beta is expected within the next three weeks. A very positive development for the ecosystem, even though the initial “deadline” was seemingly missed.
EOSfinex preparation is progressing steadily. UI (charts included) and full process for mainchain <=> sidechain are ready. It's matter now of polishing for few days and create an open public beta (testnet) in the coming 2/3 weeks. Apologies for the delay
— Paolo Ardoino (@paoloardoino) February 16, 2019
— EOS New York (@eosnewyork) February 16, 2019
Not everyone is interested in buying and holding cryptocurrencies for the long term. That is understandable, as there are plenty of other ways to make good money with cryptocurrencies like EOS. Arbitrage opportunities are available for this coin as well, with an average profit of just over 1.6% per trade. A more than welcome opportunity during the weekend, as the high liquidity should make this a rather profitable option to explore.
Buy at #Gate.io and sell at #Bitfinex. Ratio: 1.61%
Buy at #Paribu and sell at #Bitfinex. Ratio: 2.19%
Buy at #Koineks and sell at #Bitfinex. Ratio: 1.51%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) February 16, 2019
Two major developments and a heavy increase in weekend-based trading volume seem to indicate this EOS value increase can be justified. It is always a bit difficult to tell as weekends are so “abnormal” compared to weekdays. While this increase in price is noticeable, it seems unlikely much further progress will be made throughout the day.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.