Cryptocurrency
Cryptocurrency
EOS fights to defend $8 level following strong Monday rally
The fifth-largest digital currency on the market, EOS, saw big gains yesterday, benefiting from a strong uptrend observed across the wider digital currency market. Having opened the session at $6.90, the digital coin enjoyed a strong rally in the afternoon, which allowed it to challenge the $8 level for the first time in nearly 10 months. The coin rose to as high as $8.09, before closing the session at $7.98.
While major digital coins have seen significant pull-backs from their Monday highs, EOS have been able to retain most of its gains. Today, the digital coin has mostly been moving in a tight range around the $8 mark. The token fell to as low as $7.72 in the early hours of the session, but it later bounced back to an intraday high of $8.07. At the time of writing, the EOS price was hovering just above the $8 mark, according to data from digital currency tracker Coinmarketcap. The coin has gained more than 10% in the past 24 hours, which makes it by far the best performing digital currency in the crypto top 10.
Price drivers
The EOS performance has been additionally boosted by news that EOS developer Block.one is poised to make a major announcement on June 1. EOS has also retained its top place in China’s latest cryptocurrency rankings.
Published every month by the Center for Information and Industry Development (CCID), the rankings evaluate a number of the most popular and/or promising blockchain networks. In the latest edition, the top 5 is comprised of EOS, TRON, Ethereum, Steem and Ontology, while the market leader Bitcoin is in 12th place.
In today’s trading, the EOS price stood at $8, as of 14:09 BST. The digital coin has gained just over 12% in the past 24 hours. Its total market cap currently stands at $7.3 billion.
Featured image: Wit Olszewski / Shutterstock.com
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