EOS Continues To Leave Top Cryptos In The Dust

&l;p&g;&l;img class=&q;dam-image shutterstock size-large wp-image-1088827904&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/1088827904/960×0.jpg?fit=scale&q; data-height=&q;640&q; data-width=&q;960&q;&g; EOS continues to outperform other top digital currencies. Shutterstock

EOS, a digital currency linked to an innovative platform for decentralized applications (DApps), has been performing well lately, leading the pack&a;nbsp;as cryptocurrencies climb.

The digital asset hit an intraday high of $13.68 earlier today, up more than 11% in the space of 24 hours, according to &l;a href=&q;https://coinmarketcap.com/&q; target=&q;_blank&q;&g;CoinMarketCap&l;/a&g;.

At the time of report, EOS had fallen back to $12.96, but the alternative protocol asset (altcoin) was still up more than any of the other top 10 digital currencies in the last 24 hours, additional CoinMarketCap figures reveal.


&l;strong&g;Strong Momentum&l;/strong&g;

EOS has done well so far this year, rising to as much as $22.89 on April 29. At that point, it was up more than 160% year-to-date (YTD).

Even after retreating from this level, the digital currency has robust momentum, said Oliver Isaacs, blockchain investor and advisor.

&q;&l;span style=&q;font-weight: 400&q;&g;Despite the price slide,&q; &q;&l;/span&g;&l;span style=&q;font-weight: 400&q;&g;EOS remains highly active and the 24 hours trading volume of the asset looks promising at $1.67 billion.&q;&a;nbsp;&l;/span&g;


&l;strong&g;EOS Mainnet&l;/strong&g;

The EOS mainnet is launching June 2, and the anticipation surrounding this event has played a key role in driving the recent gains in EOS, according to analysts.

&q;Crypto enthusiasts from all over the globe are extremely excited about the launch of EOS main-net,&q; said Mati Greenspan, senior market&a;nbsp;&l;span&g;analyst for social trading platform&a;nbsp;&l;/span&g;&l;a href=&q;https://www.etoro.com/&q; target=&q;_blank&q; rel=&q;nofollow noopener noreferrer&q; target=&q;_blank&q;&g;eToro&l;/a&g;.

&q;&l;span style=&q;font-weight: 400&q;&g;This will be a groundbreaking event, the likes of which this industry has yet to see. Alternative investors are snapping up as many coins as they can get their hands on.&q;&l;/span&g;

Isaacs also offered a positive take on the matter, stating that:

&q;&l;span style=&q;font-weight: 400&q;&g;I expect EOS to start a bullish movement right after the launch of the mainnet.&q;&a;nbsp;&l;/span&g;

&l;span style=&q;font-weight: 400&q;&g;&q;The ICO has been running for over a year now and will finally come to conclusion on the day of the launch. The launch will be instrumental to the success of EOS which is still an Ethereum token.&q;&a;nbsp;&l;/span&g;

&l;strong&g;Numerous Tailwinds&l;/strong&g;

While EOS is likely benefiting from the anticipation surrounding the mainnet&s;s launch, several other bullish factors may have contributed to its recent gains.

Sheri Kaiserman, co-founder and principal advisor at &l;a href=&q;http://www.maco.la/&q; target=&q;_blank&q;&g;Maco.la&l;/a&g;, spoke to these developments.


&l;span style=&q;font-weight: 400&q;&g;&q;There is likely some excitement into the launch June 2nd,&q; she stated.&a;nbsp;&l;/span&g;

&l;span style=&q;font-weight: 400&q;&g;&q;Additionally, I believe Upbit, the largest Korean exchange that just got raided and shut down last week, had the largest EOS trading volume and that caused EOS to fall.&q;&a;nbsp;&l;/span&g;

While EOS suffered some losses around that time, dropping below $13, it has since recovered, rising close to $14 on May 16.

&l;span style=&q;font-weight: 400&q;&g;&q;Furthermore, &a;nbsp;Bancor announced it just applied to become a block producer of EOS and pledged to use the influence and rewards from block production to further support EOS community and infrastructure.&q;&l;/span&g;

&l;em&g;Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.&l;/em&g;&l;/p&g;