Markets have been bullish for the past 24 hours however this pattern is similar to what we have witnessed in previous weeks so the bears may not be out of the woods yet. Bitcoin has struggled to gain momentum but has inched slowly back towards $7,000 – it currently trades just under at $6,950, up 1.7% on the day. Altcoins are predominantly in the green during this morning’s Asian trading session but one seems to be on fire at the moment and that coin is EOS.
EOS has surged 45% according to Coinmarketcap and has supplanted Litecoin for fifth place in the charts. Trading this time yesterday at around $6, this altcoin is up to $8.80 today. Over the week EOS has been pretty flat ranging around the $5.80 mark, that is until it started to pump around 20 hours ago. The monthly picture shows a similar gain of around 45% as EOS has been trading around the $6 area for the past four weeks. This latest spike is responsible for all of its gains. Against Bitcoin EOS is up 45% on the day to 127000 satoshis from 87800 sats this time yesterday. Monthly gains against BTC are a lot higher as EOS has doubled from 63000 satoshis this time last month.
There have been no updates on its Twitter feed to cause such a spike but there have been rumors circulating regarding an airdrop which may have created the fomo moment. The bullish sentiment has originated on Asian exchanges with trade in KRW dominating this morning on South Korea’s Bithumb and Upbit. These two exchanges alone represent 45% of the total volume, Bitfinex coming in third with 14%.
The total trade volume for EOS has jumped a staggering 860% from $228 million to $2.2 billion in 24 hours. This has pushed the total market capitalization for EOS to just under $7 billion, which has knocked Litecoin off fifth spot in the charts. It remains to be seen whether this strong upward momentum can be sustained or the altcoin will fall back to previous levels during the European and US trading sessions.
Total crypto market cap has risen again this morning by 4.8% to $277 billion. However this level is only just above the previous big dip on March 18 so the bear run may not be over yet. Other altcoins enjoying double digit growth this morning on Asian markets include Ripple, Cardano and Neo.
More on EOS can be found here: https://eos.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.