3 reasons why EOS price rose 100% against both USD and BTC in just a few days

After a parabolic rally that began in March, the EOS price reached double digits for the first time since mid-2018.

According to data from TradingView, the cryptocurrency is currently ranked 20th by market capitalization above $ 12.2 and has returned nearly 100% profit over the past three days.

First, the current upward trend in EOS is taking place at the intersection of two unique price trends. On the flip side, the EOS / USDT trading pair broke its range in 2021, while EOS / BTC fell to a three-year low in early March.

Source: TradingView

At the time of going to press, the EOS / BTC price action chart has broken a nearly three-year downtrend, signaling the possibility of a significant upward move.

Second, the market cycle for large-cap tokens is picking up as Bitcoin’s dominance continues to decline amid a surge in altcoins. In fact, big coins like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK) and Polkadot (DOT) have seen soaring prices.

Source: TradingView

The rally of this altcoin was further fueled with Ether (ETH) hitting a new all-time high.

EOS follows this pattern with enough momentum to show significant strength in price action against Bitcoin. At press time, the EOS / BTC trading pair is up 76% in the past 24 hours.

A third likely explanation for the EOS outbreak could be due to the recent announcement of the staking rewards. How Bitcoin magazine As previously reported, the EOS community is considering a proposal to increase staking rewards.

Annie

According to Cointelegraph

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