EOS is surging ahead of other top cryptocurrencies this Wednesday.
The EOS protocol’s native token established a fresh session high at $4.11, up 11.68-percent from today’s open. In contrast, Bitcoin, Ethereum, XRP, and other top coins managed gains between 2- and 7-percent, barring Cardano’s ADA, which surged up to 10-percent. As of 1000 UTC, the EOS-to-dollar rate was 4.08, 0.73-percent down from the session high. The slip came as a part of an organic downside correction. EOS resumed its rally after finding support near $4.04.
Speaking of volumes, exchanges across the board posted $2.631 billion worth of trading volume in the past 24 hours. The trading activities looked well-distributed across the platforms, with exchanges hosting no more than 7.06-percent of the total EOS daily volume. The asset maximally traded against Ethereum’s ETH, Tether’s stablecoin USDT, and Bitcoin’s BTC.
The EOS rally followed the release of Weiss Crypto Ratings’ annual crypto report. The study provided an outlook of emerging trends in the cryptocurrency industry, primarily focusing on projects that would succeed in the coming year. Weiss awarded EOS the second position – and an A score – for its promising tech/adoption for long-term investors and an attractive risk/reward for short-term investors.
“Despite lower prices since early 2018, our rating model gives us hard evidence that a critical segment of the cryptocurrency industry has enjoyed remarkable growth in user transaction volume, network capacity, and network security. Equally important is our finding that an evolution in the underlying technology often powers these improvements,” said Weiss Ratings Founder, Martin D. Weiss. “Therefore, for those willing to take the risk, the best time to invest could be very near.”
The same report awarded XRP the top spot ahead of EOS. But the Ripple project’s native token managed to secure only 2.47-percent gains in the last 24 hours. It could be due to an ongoing legal battle between XRP investors and its issuance company Ripple Labs. Ethereum, EOS’ main competitor, received an A- score as it missed out on issues related to scalability.
While EOS’ rally could be a part of an overall market push, the Weiss report appears to have boosted intraday bullish sentiment for the blockchain asset. There is no clarity whether or not the rally can continue further. So, traders entering long positions from fresh higher-highs should place a stop loss just below their entry position. It would minimize the overall risk.
Click here for a real-time EOS price chart.