The crypto world is, no doubt, presently recovering from a market deep. At the peak of the deep, which ended a few hours ago, the prices of the major cryptos, alongside the altcoins, crashed by an average of at least 25% to 30%. We are starting to see a recovery that may probably witness the price of Bitcoin crossing the $10,000 barrier.
Today I will be giving a commonsense analysis of an altcoin known as EOS. I am doing this because some of the big guys here have failed severally to carry everyone along with their cumbersome charts. So, I want to reach out in a clear language, language that even laymen will understand.
EOS time to Hold or Sell?
The crypto market is a market largely driven by speculations. And speculations, whether you like it or not, have the potential to shoot up or crash the price of any coin within minutes. We all witnessed the chief role which market speculations played in the free fall of Bitconnect, how it fell from $453 to $0.5 in less than three months.
At the moment, the market speculation greatly favours EOS. EOS is believed generally as one coin which has the potential to overtake Ethereum. In short, EOS is seen as an upgraded version of Ethereum in terms of scalability, speed, and its adopted model of block validation which is Proof of Stake (POS). POS is becoming more popular than POW in the crypto arena.
So what does commonsense tell us? It is simple. Hold. Hold because the market speculation favours EOS. Hold because EOS is the only notable coin which reached an all-time high in the fleeting bullish run seen in the crypto market some weeks ago. Hold because, in the past few weeks, EOS has emerged one of the most traded coins in the hefty crypto exchanges around the world. Hold because these are strong indicators that EOS is heading to the moon soon.
What Happens After the EOS Mainnet Launch on June 2nd 2018?
In a few days from now, EOS will be migrating from the Ethereum blockchain to its own blockchain which combines the good sides of both the Ethereum and Steem blockchain to attain scalability. This impending migration will change the status of EOS from an ERC20 token to an independent token. A credible source says that the major crypto exchanges are already supporting this historical migration of EOS. Do you now see why the volume of trade has been rising?
Usually, there is always a correlation between the trade volume of a crypto and its price. A skyrocketing trade volume is, in fact, a pointer to a potential rise in price and vice versa. If this is correct, the price of EOS will certainly rise in the next few months with a potential rise in price and vice versa. If this is correct, the price of EOS will certainly rise in the next few months with a potential to set another all-time high record. I can only hope that you'll not get missing in action when the time comes.
Disclaimer
The views expressed in this essay are my personal opinions and do not in anyway translate into a financial advice. Anyone who is willing to invest in cryptocurrencies should do proper assessment before he or she invests.
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Honour Roll
@majes.tytyty, @brotherdave, @ericvancewalton, @tryskele, @prechyrukky, @olawalium, @oladunsi, @amiable9ke, @akdx, @streetstyle, @opaulo, @artzanolino, @donkeypong, @wafrica, @obamike, @beeyou, @steemlagos
I am @gandhibaba and my dreams remain unchanged: to some day write books that will be recommended for first class holders.
