After what can only be described as a very brutal first half of the week, the crypto markets seem to be on the mend. As far as the EOS price is concerned, the current uptrend is quite significant. Sustaining it may prove to be somewhat difficult, however.
EOS Price Makes a Break for it
The first half of this week has yielded significant losses across all cryptocurrency markets. EOS has not been an exception in this regard. However, there is always a rebound in sight, and it appears that is what is going on right now. All of the top markets are in the green again, yet the current momentum remains somewhat uneasy.
Looking at the EOS price chart, it is evident that the recent 8% gain sends a clear message. If this uptrend is to be sustained, it will push the value per EOS back to the same level as a few days ago, before all markets started shedding value. It will take some time until this popular altcoin gets to that level, however.
With this 8% gain in place, the EOS price has rebounded to $2.4. A very big difference compared to $2.17, the lowest value reached all week long. Despite the promising outlook today, there is still a big gap to overcome when looking at the value 30 days ago. Reaching $3.17 again will be very challenging given the current market conditions.
There appears to be plenty of trading volume for EOS today. With over half of its market cap in trading volume over the past 24 hours, demand for the altcoin shows no signs of slowing down. Over $1.475 billion worth of trades should be sufficient to keep the EOS price uptrend in place, albeit there is never any guarantee in this industry.
What is very remarkable is how the top 5 EOS trading pairs across different exchanges are all USDT markets. IDCM, HitBit, LBank, BiBox, and Digifinex are all competing for the lead in this regard. Having the volume spread out across different platforms is a good sign. Seeing them all linked to USDT, however, is something else entirely.
One reason to keep an eye on EOS is how this ecosystem keeps growing. There are plenty of innovative concepts to take note of. WORBLI is an interesting case in this regard. It is one of the potential catalysts to push DeFi adoption to new heights. That can also impact the EOS price in different ways.
— Discussions.app (@thenovusphere) December 19, 2019