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Bitcoin Spikes but EOS Skyrockets 25% in 24 Hours; How Far Can It Go?

Last Updated March 4, 2021 2:53 PM
P. H. Madore
Last Updated March 4, 2021 2:53 PM

EOS, the Enterprise Operating System, which was developed by Block One, saw a huge increase, more than double that of Bitcoin by percentage, in the past couple days. The base token had been pushing the $3 mark while Bitcoin bumpered around inside the $3600 range.

When the Bitcoin price broke upwards last night, EOS went along with it – importantly, fiat markets didn’t adjust to the increased value of Bitcoin, but instead followed suit.

EOS had been wanting that $3 level for a long time. When it finally got there, it kept going. And going. Source: Shutterstock

As the one-day chart above shows, EOS is far above the important $3 mark, resting comfortably at $3.50 after over $2 billion in volume. Comparing markets, it’s gained nearly 30% in the 5-day period:

The 5-day chart is even prettier. | Source: Shutterstock

The one-day chart looks more appealing, though. A well-timed entrance as Bitcoin began to break would have netted a healthy profit. Targets for the cryptocurrency are likely still in the single-digits. It’s been a long time since its all-time-high of more than $17.

EOS Nearing ICO Level Capitalization

As it presently stands, the total market capitalization of EOS is a net loss from the amount raised for its ICO, a reported $4 billion. Market cap at press time was $3.6 billion.

Fiat markets didn’t adjust for the increase in Bitcoin — they followed suit.

EOS doesn’t have far to go, however. Another $1 and it’s in the black from ICO prices. From there, where’s the top? We can at least assert that we’ve thus far seen the bottom on EOS, below $1.20.

The platform has the interesting Everipedia project built upon it. Of all the smart contract platforms, it has some of the highest usages. For all of this, at this stage in the game, it’s hard not to note that EOS is taking some time to pick up real steam in terms of widespread notoriety.

EOS Lacks an Exuberant Leader

Part of the problem may be a lack of proper nouns in relation to EOS. When one thinks of Ethereum, they think of Vitalik Buterin. When one thinks of Bitcoin, they think of a number of people, mostly likable or at least respectable. Bitcoin Cash, Roger Ver. Bitcoin SV, Craig Wright.

But when one thinks of EOS, one might have to do a web search just to see who’s responsible for the thing. This is a PR issue that EOS could solve. Or could it be a positive thing? For every Craig Wright supporter, there are 10 detractors. For every Vitalik Buterin fan, there are a few people who think he looks weird or lacks charisma. While EOS doesn’t have the benefit of highly visible leadership, it does lack the associated image problems.

While EOS seems to be struggling to achieve mass adoption (part of which may be a result of having to “pay” for an EOS wallet), the rest of the community isn’t far ahead of them. Developers laud the efficiency and usability of EOS, and it’s one of the few blockchain systems to deal with the issue of fraudulent transactions in the form of its decentralized arbitration process . There will never be a DAO hack in EOS, because the system could be used to fix the problem.

One thing is for certain as regards the blockchain and smart contract systems: the future is wide open. There’s plenty of room for EOS to thrive even as certain alternatives thrive at a higher rate. Like most things in the crypto community, EOS is still waiting for its moment to shine. The corporate structure of its development is a plus in this regard. When major companies select a blockchain to develop on, EOS might be more appealing because there is a central authority to consult on the best method of doing so.