In the last 24 hours, the EOS price has surged from $2.71 to $3.06 by more than 10 percent against the U.S. dollar, reclaiming its position as the 4th largest crypto behind Bitcoin, Ethereum, and Ripple.
Last week, Litecoin overtook EOS following a strong 30 percent increase in price. The surge in the price of Litecoin was mainly attributed to fundamental factors that include active development of privacy solutions Mimblewimble and Confidential Transactions.
Fueled by the momentum demonstrated by several major crypto assets in the likes of EOS, Ethereum, and Ripple, the valuation of the crypto market rose $2 billion from $120 billion to $122 billion.
EOS SHOWING EXCEPTIONAL STRENGTH, IS CRYPTO MARKET UP FOR A SHORT-TERM RALLY?
On February 11, a cryptocurrency technical analyst with an online alias “DonAlt” said that EOS has been showing exceptional strength.
While the price of Bitcoin has declined from $6,000 to the mid-$3,000 region since November, EOS has recovered to its November levels when Bitcoin averaged at around $6,200.
“EOS is back at the level it was before BTC broke 6k. (!) Showing exceptional strength. A bit more confirmation and I’ll jump in,” the analyst said.
Traders generally foresee EOS slightly retracing in the near-term subsequent to a strong 10 percent rally. But, in the days to come, EOS is expected to maintain its momentum against both Bitcoin and the U.S. dollar.
The short-term recovery of EOS was mainly triggered by technical factors and was supported by an overall increase in the valuation of the cryptocurrency market.
This morning our team at Morgan Creek Digital announced a new $40 million crypto venture fund anchored by two public pensions.
The institutions aren’t coming.
They’re already here. ?
— Pomp ? (@APompliano) February 12, 2019
Investors and analysts such as Woobull founder Willy Woo and Placeholder VC CIO Ari Paul expected institutional investors to engage with crypto by the third quarter of 2019.
The investment of two public pensions in the U.S. could fuel the confidence of both reteail investors and institutions in the upcoming months.