Where other cryptocurrencies hiked over recent days, EOS has been slower most recently, until today. Now EOS price has risen over 8% in the last 24 hours.
Sometimes the underlying reasons behind a coin’s sudden popularity are unclear, other times is purely about market movements as traders see a buy opportunity and trigger a splurge of interest.
Today’s interest in EOS might be clearer cut. The blockchain and coin is China’s baby. On December 21, China’s Center for Information and Industry Development (CCID), under the Country’s Ministry of Industry and Information Technology, published its Global Public Blockchain Technology Assessment Index (GPBTAI). EOS tops this list with 156 points far ahead of Ethereum, in second, at 136. Bitcoin is way down on the list in 18th place with a score of 96.
Has this really influenced the EOS hike? It could be likely, as the news trickles through to the markets, other blockchains that featured well on the list are also seeing sharp price increases since the index was published.
GXchain stole third place in the blockchain index from BitShares with a score of 117. Its coin, GXS, has also surged, showing a current 24 hour increase of nearly 5%. GXchain is the 104th cryptocurrency by market capitalization. BitShares (BTS) is currently 44th by market capitalization and although is up just over 2% in the past 24 hours, shows none of the sharper hike of EOS or GXchain.
Komodo (KMD), Ontology (ONT), NULS (NULS), Nebulas (NAS), NEO (NEO), and Steem (STEEM) are also in the Ministry of Industry and Information Technology’s favourites. Of these, the Ontology blockchain has been included in the index for the first time and ONT price rose immediately after, currently showing a near 7% rise in the past 24 hours. Another popular blockchain in China and globally, NEO, has also seen its price increase today and is up nearly 14% in the last 24 hours.
With the Ethereum blockchain still ranked third by China, the list may have helped the performance of ETH too. ETH is still up over 13% in the past 24 hours and 46% over the past seven days. Analysts noted ETH has seen a record-high number of shorts on trading platforms and across the seven-day period commencing December 16, ETH recovered by 66%.
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Last modified: May 20, 2020 1:20 PM UTC