EOS Price Surges as Crypto Rally Intensifies

EOS was the cryptocurrency market’s top performer on Wednesday and has now recovered more than a third of its recent low, a sign that investor confidence was slowly returning.

EOS Price Update

The value of EOS surged 14.6% to $6.17, the highest in three weeks. According to CoinMarketCap, the digital currency has a total market capitalization of $5.6 billion. With the gain, EOS has managed to pare its monthly loss down to 13%. It was down by as much as 40% through the middle of the month.

EOS trade volumes amounted to $741 million, up 40% from last week’s levels. Exchanges with the highest EOS turnover include OKEx, Binance and Huobi.

EOS’ gains far outpaced the broader market. The combined value of cryptocurrencies rose 2.9% on Wednesday to $232.1 billion, the highest since. Aug. 7. Trade volumes are up 11% over the previous day’s levels.

Are DApps the Future?

Decentralized applications (DApps) are widely considered to be the future of internet technology, but a recent analysis of EOS and Ethereum DApp users show limited uptake of these new protocols. According to Kevin Rooke, a Canadian cryptocurrency researcher, Ethereum and EOS have only eight DApps that are actively utilized. To be considered “active,” a decentralized application needs to have more than 300 daily users, according to Rooke.

A further breakdown reveals that, among the eight, only three are hosted on EOS. The most popular EOS decentralized application is EOS Bet with weekly transaction volume of $18.1 million. By comparison, Ethereum’s IDEX (the most popular on the platform) sees more than $7 million in weekly transaction volume.

Dubbed the “Ethereum Killer” by some, EOS officially launched its network back in June to a myriad of issues. However, much of its functionality remains in development, including a governance process that will allow token holders to vote in referenda based on the number of tokens in their possession.

This is vital because EOS currently has $35 million in a savings account to fund future initiatives. That figure is expected to rise to more than $20 million after 12 months, assuming the current price point of $6.17.  Without a voting process in place, there’s no way to actually allocate the funds.

EOS founder Daniel Larimer has confirmed that he wants to re-write the system’s constitution to further enhance the EOS arbitration forum. It remains to be seen how the constitution re-write will impact EOS’ governance process. Some EOS developers have banded together to create a new alliance for decision-making. The official website states that the group will be independently funded and “will be held accountable to the community under the EOS Constitution.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Related posts

These Are The Stellar Partnerships That Will Send XLM To The Moon


IOTA Price Falls Nearly 20 Percent from Late August Peak


Bitcoin Giant Bitmain Likely Losing Money, Still Has ‘Legendary’ Potential: BitMEX Research


Leave a Comment