It is oddly refreshing to see all cryptocurrency markets in the green after another troubling weekend. With all currencies losing anywhere from 4% to 25% between Friday afternoon and Sunday evening, things were not looking good by any means. If the EOS price is any indication, those losses will be recovered fairly quickly.
EOS Price Rises Again
As is usually the case when all cryptocurrency markets lose a lot of value, the underlying reason is anything but obvious. This past weekend was no different in that regard, as all markets suffered from a massive setback. In the case of the EOS price, those losses were quite steep, but so are the gains in the past 24 hours.
To put this into perspective, the EOS price dropped from over $9.6 all the way to $7.1 over the course of the weekend. That is a rather steep decline, but it is evident all other markets suffered from similar momentum over the weekend. Thanks to a solid run overnight and early morning, the EOS price has returned to the $8.28 level.
This 13.33% gain in itself is very spectacular. Although both Bitcoin and Ethereum are recovering lost value as well, EOS successfully noted gains over both currencies. A 6.41% increase over Bitcoin and a 5.34% increase in the EOS/ETH ratio is quite intriguing to keep an eye on. All altcoins thrive when Bitcoin rises in value, a trend that has become quite apparent several years ago.
It would also seem as if there is another positive development affecting all cryptocurrencies as of right now. The EOS trading volume has risen above $1.2bn again, which seems to indicate the prices may have bottomed out, for the time being. That doesn’t mean the EOS price won’t drop below $8 again in the coming days or weeks, albeit the buy support seems quite impressive, for the time being.
As one would expect from altcoin exchanges, OKEx is dominating in terms of EOS volume. It has a steep lead over Upbit and Hubi, which are followed by Bitfinex and Bithumb. For once, Binance isn’t in the top five, even though its USDT and BTC pairs are in sixth and seventh place. With three fiat currency pairs in the top five, there may be some interesting EOS price action ahead.
In the world of cryptocurrencies, there are never any guarantees. While the current EOS price momentum looks positive, things can always turn around at any given time. The volatility has spooked the market multiple times this year, and this latest dip is another warning shot across the bow. Even so, the rise of cryptocurrency will not diminish anytime soon, regardless of how the markets may evolve throughout 2018.