After yesterday’s seemingly sudden market correction, it is evident the cryptocurrency markets will resume their slump soon enough. For the EOS price, everything is still looking pretty good mainly thanks to a medium-sized gain in the past 24 hours. With a value of just under $11, this market will be quite interesting to keep an eye on.
EOS Price Shows Signs of Life
Over the past few weeks, a lot of interesting things have happened for EOS. The project is finally in the process of transitioning to its main net, which also means EOS is moving away from the ERC20 token standard. It is this change which has a lot of EOS price speculators excited, for understandable reasons.
As such, a lot of speculators were surprised to see the EOS price drop from nearly $15 all the way to $9.72 in the past week. Given how all of the other markets evolve, such a development was to be expected, as no altcoins escape the gravitational pull of the Bitcoin price onslaught.
For the EOS price, there have been some positive signs of life in the past 24 hours. Thanks to a modest 4.45% increase, the EOS price has now risen to $10.84 once again. There is also a 3.79% increase in the EOS/BTC ratio, as well as a2.54% improvement in the EOS/ETH ratio. All of these developments are rather positive as of right now.
To top it all off, one has to keep a close eye on how the EOS trading volume is evolving. This market has always seen a fair amount of volume, and the past 24 hours have not been different. In fact, the $1.287bn in volume is rather impressive, considering how most other markets are suffering from a fair few setbacks these days.
Whereas some people might expect Binance to be at the top of the list for EOS volume, the exchange doesn’t even make it into the top five. Instead, one sees OKEx, Huobi, Bitfinex, Bithumb, and Upbit in that order. Three of the five platforms offer fiat currency trading, which seems to indicate fresh capital is entering the market as of right now.
For the time being, there still seems to be a lot of bearish pressure across the cryptocurrency markets. This is not entirely surprising, as no positive momentum goes by unpunished in this particular industry. Even so, there will be positive trends in the coming months. For the EOS price, that will potentially result in a return to $15 later in 2018. Such a steep increase will not materialize overnight, though.