Luckily for crypto enthusiasts, several cryptocurrencies have seen a sudden surge in price in recent days. However, cryptocurrencies such as Bitcoin and Ethereum were not the only crypto assets that have seen a positive fluctuation. Altcoins such as EOS, DogeCoin, etc., also saw a significant surge in price.
Talking about EOS, the altcoin saw a double-digital value for the first time since 2018. The experts expected this price boost considering the parabolic growth of the token that started in March this year.
According to data by CoinGecko, EOS ranks 20th on the list ranked by market capitalization and currently values at $11.50 and delivered profits of 100% in the last three days. There are three reasons supporting this expected growth.
Factors responsible for this growth
- Firstly, the EOS price is directly affected because of the intersection of two unique trends. EOS/Tether (USDT) trading pair is sitting at the top for 2021, while Bitcoin saw a massive drop in price in March which evidently started the parabolic growth of EOS.
Several crypto experts expect EOS to rise even more in the coming weeks seeing the downtrend on the EOS/BTC action chart.
- Secondly, Bitcoin dominance is expected to continue sliding amongst rapidly growing altcoin prices. Several large-cap tokens apart from EOS have seen a surge in price, such as Bitcoin Cash (BCH), Chainlink (LINK), Ethereum Classic (ETC), Polkadot (DOT), etc.
As Ether (ETH) sets a new all-time high, the price of these altcoins will keep on increasing. Following the same pattern, EOs is gaining momentum to show a significant price boost. Currently, the EOS/BTC pair is up 76% in the last-day trading period.
- Lastly, this price growth can be associated with the recent staking rewards announcement. Cointelegraph recently reported that the EOS community might propose to increase stalking rewards which will attract more investors, hence the price surge.
This proposal, if true, will be the next significant development milestone for the EOS network. No matter how you see it, the EOS network shows a potential unlike before, attracting more investors in aid of great returns. When this happens, EOS price might shoot up even higher, so it raises the question that if now is the right time to throw your chips in the EOS network?