EOS (EOS) turned the tide on recent losses on Sunday, and gained 22.8% on its value amid a generally green day for the crypto market.
EOS had fallen to a series of new yearly lows in previous weeks, falling as low as $1.56 on Friday, Dec 7th – a thirteen month low. That was the trigger for USDT traders to jump back in, and the surge in the two days since then carried the coin to 34% gains.
EOS Price – USDT Trades Dominate
Over 46% of EOS trades came against USDT on Sunday, perhaps highlighting a readiness to exploit EOS’s current lows in the short-term game.
From Sunday morning’s starting price of $1.71, EOS climbed 22.8% in value throughout the day, peaking at $2.14 by the evening. The surge was made while the overall trade volume for the broader market was in decline – a good sign in a bull market, but an ominous one in more bearish times.
That puts EOS on 34.6% gains over the weekend, although a fallback to the $2.05 range by time of writing, and a sudden downturn by the general market, suggests the volatility for the coin is not over yet.
Average trade volumes for EOS have been much higher in November and December than they were in the August-October period – a trend which has been seen generally across the board. Whether that represents new money coming in, or simply increased activity by desperate hands, is up for debate.
EOS was one of the top performers on Sunday, and despite being picked up for bargain prices, it may also be feeling the boon of recent noises coming out of Coinbase.
The exchange announced on Friday that EOS would be one of thirty-one coins and tokens up for consideration for a listing on the platform – a number that was chiselled down to twenty-seven following the listings of the four ERC-20 tokens, Loom Network (LOOM), Civic (CVC), districtOx (DNT) and Decentraland (MANA).
The weekend’s move bucks the trend for a coin which had its investors’ confidence shaken at the start of the month. CTO of the EOS project, Dan Larimer, triggered a round of confusion among coin holders when he announced plans to embark upon a new blockchain project – one which was feared would draw time and resources away from EOS.
The loss of value for the reigning king of the ICO was so out of sync with the rest of the market that at one point there was a 55% price swing between EOS, and one of the other blockchains aiming to become the ‘Ethereum killer’, TRON (TRX).
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.
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