Categories: Altcoins

What Caused EOS to Surge 30%, Flip Litecoin and Lead Today’s Crypto Rally?

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Following yesterday’s positive start to the week crypto markets have continued to rally adding another $8 billion to total market capitalization. Ethereum started the run but EOS is today’s moon shot as it surges 30%.

EOS Top Performer in Top 100

EOS has been a train over the past 24 hours pumping from $2.90 to an intraday high of $3.80 resulting in a 30% gain in a single day. It has since pulled back a little but is still the best performing altcoin in the top one hundred at the time of writing.

Daily volume has also surged from $950 million to over $2.2 billion as fomo fervor grips day traders. It is the highest volume since June 2017 when the token traded at over $10. According to the Bit-Z exchange has had the most EOS trade with almost 20% of the total in BTC and USDT pairs.

Today’s big pump pushes EOS to a 2019 high and the highest price it has traded at since late November when things started to dump hard across all crypto markets. Market cap for EOS is now around $3.3 billion which has allowed it to barrel past Litecoin and retake its place as the fourth largest cryptocurrency in the world. LTC has only managed to gain 7% which takes its market cap to $2.8 billion.

FOMO Rulez

The two day crypto rally was initiated yesterday by Ethereum which surged 12% outperforming all of the coins around it. Looking into the EOS Reddit there does not appear to be any major factor driving momentum at the moment aside from fomo. A whole bunch of comments there shines very little light on why EOS is outperforming the rest at the moment;

“Seriously. Literally every coin in the top 50 from CMC is up except for the stablecoins. EOS going up has nothing to do with EOS,” added one poster.

There is equally little on the twitter feed in terms of latest news or updates from the project that could be the cause of such a surge in price. The same can be said for the Medium site. Looking at Dappradar shows both EOS and Tron dominating the top ten dApps by user volume which is a good sign of growth for both networks.

The bigger question should be; can this rally be sustained and will it grow into a longer term uptrend for EOS and all crypto assets. Some analysts seem to think so but for now all we can do is enjoy it while it lasts.

Image from Shutterstock

Tags:, crypto bull run, dapps, eos, ethereum, FOMO, rally


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