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EOS (EOS) Just Moved A Step Closer To Killing Off Ethereum (ETH)

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EOS (EOS) is the number nine ranked cryptocurrency by market capitalization right now, priced at $12.36 for a capitalization of a little over $7.6 billion. Over the last 24 hours, we’ve seen a large spike in volume, with the coin trading more than $2 billion across its primary exchanges since this time yesterday and looking set to reach if not exceed this number heading into the middle of this week.

Anybody who has spent a bit of time in the space will likely already be familiar with what EOS is trying to achieve – the company behind the token has developed a platform that it expects will overtake Ethereum as the primary decentralized application technology globally over the next few years.

This is one of those claims that seems outlandish at first glance but, when you look at the technology that underpins what EOS has developed, and, at the same time, when you look at the milestones that the company has achieved to date, the claim goes from being outlandish to being one that a large portion of the space cannot afford to ignore.

There’s also something else we like about this one.

Take a look at the chart below.

EOS Daily Chart

EOS Daily Chart

It’s very rare that you see this sort of neat bullish setup on a cryptocurrency chart – at least, that is, on the wider time frames. In the equities markets, a chart like the above EOS chart would have shorter-term traders chomping at the bit to pick up an exposure at current depressed prices in anticipation of the coin continuing to record fresh higher highs and higher lows as part of its overarching upside trend.

Combine this with the above-mentioned volume spike and things become even more attractive.

But that’s not all.

Block.One, which is the company behind the EOS technology, just announced the creation of a fund to exclusively invest in opportunities leveraging EOS.IO software. This is the first announcement for the company’s EOS VC partnership program to stimulate EOS.IO innovation and, importantly, it comes as part of a partnership (as in the company is seeding the fund in collaboration with) TomorrowBC. Think you’ve heard that name before? You probably have. Derek Rundell, a managing partner of Eric Schmidt’s venture firm, TomorrowVentures, is the Managing Partner of TomorrowBC.

We already know that Schmidt, billionaire and Executive Chairman of Alphabet, is a big fan of the potential of blockchain technology and that TomorrowBC is seeding a fund with Block.One creates a direct link between the Google billionaire and the company EOS technology.

That’s big news for any company but for one that’s positioned as Block.One is, it’s a very important development. It’s a strong validation of the technology but, beyond that, it’s also an indication that EOS might finally be making good on its potential and stepping on Ethereum’s toes in this sector.

Keep in mind that the EOS technology is in its early iteration right now, with the EOS.IO Testnet having been launched at the start of last month.

With that said, decentralized applications are being built on the Testnet as we speak and, as each of these completes and builds out the EOS ecosystem, the company behind the technology is only going to attract increased attention in the sector.

And as we know all too well, it doesn’t take much in terms of mainstream coverage to really get a coin moving in this space.

Bottom line: not only is this one technically poised for a run based on the above-illustrated chart but it’s making strides fundamentally to position itself a real force in the cryptocurrency revolution.

We will be updating our subscribers as soon as we know more. For the latest on EOS, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of Block.One

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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