Bitcoin
Here’s How EOS (EOS) Could Be The Next Ethereum (ETH)
Many reading will likely already be familiar with the token that forms the basis of this discussion – EOS (EOS). It’s been on a pretty incredible run over the last couple of months and – for anyone that picked up an exposure back in October – has proven a real winner. It’s also one that has the potential to really shake up the cryptocurrency sector if its development and implementation play out as outlined by the company’s whitepaper.
EOS Daily Chart
And price action is reflecting this. Back on October 22, EOS went for less than $0.55 a piece. At its most recent close, the token went for $6.42. In less than eight weeks, that’s a more than 1060% run.
For those who’ve not yet come across EOS, it’s the representative token of a company (or project, more accurately) called, unsurprisingly, EOS, which is trying to position itself as the natural successor the Ethereum platform.
Right now, Ethereum is the king of the smart contract. It’s the platform on which the vast majority (and we’re talking in excess of 90%) of initial coin offerings (ICOs) rest and it’s, rightly, risen to a market capitalization of more than $66 billion at latest count since its inception.
EOS, on the other hand, is still in development. So what makes people think that it’s got a chance to kill off Ethereum?
Well, a few things. It’s rooted in a delegated proof of stake mechanism, as compares to the proof of work system on which Ethereum rests. This is (in concept, at least) far more efficient and – in turn – resistant to security threats.
It’s also a lot more scalable, with a single threaded performance of up to 100,000 transactions per second being touted by the white paper. Ethereum, on the other hand, is limited by the single threaded performance of a CPU. Sure, the team over at Ethereum (specifically, its creator, Buterin) has detailed a potential unlimited scalability through employing what’s called ‘sharding’ but, right now, this is a technologically challenging process and there’s no guarantee it can be implemented as predicted.
Jumping back to security, EOS is a lot more resistant to things like DDOS. EOS (token) ownership gives owners a proportional stake in the network. This limits any malicious operator to spamming (and, in turn, consuming) the portion of the network that their ownership represents. In other words, if someone wanted to DDOS EOS, they would have to buy a controlling portion of the outstanding EOS tokens, which would disincentivize the attack. Ethereum, on the other hand, can be taken down by a flood of high fee transactions.
So where does EOS come into this and what can we predict going forward for the token?
Well, as outlined above, EOS owners have proportional access to the network (in contrast to Ethereum, where ETH is required for so-called gas fees). This means that as the network grows, so should the value of the tokens themselves.
The recent action that we have seen is symptomatic of buying in anticipation of a beta launch of the platform near term and – as such – we expect the buying (and, in turn, the price rise) to continue heading into the start of next year.
It’s worth noting that much of the comparisons below are not entirely trustworthy given the nascent stage of the EOS platform development, so various elements of the platform (as compares to Ethereum) are subject to change. The above discussed are major components of the whitepaper, however, so even with things being subject to change as the development process matures, there’s a good chance that the comparator points (and, in turn, the relative benefits) will stand once implementation is complete.
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. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Eos.io
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.
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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%.
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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.
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