- EOS is a smart contracts development project
- The project has a current market cap of $3.5 billion
- EOS ranks fourth in the CoinMarketCap crypto table
Blockchain-based smart contracts platform EOS has surged almost 35 percent in the past one week, emerging as the biggest gainer in terms of price from among the top ten cryptocurrencies. The impressive performance from the Ethereum competitor has set the cryptoverse abuzz with speculations regarding a further rise in the altcoin’s value.
EOS on the Rise
2018 saw an unending downward spiral for the cryptocurrency industry. Digital currencies such as Bitcoin (BTC), Ether (ETH), Ripple’s XRP, Bitcoin Cash (BCH), and Litecoin (LTC) crashed heavily from their all-time high values. The majority of the cryptocurrencies saw their value get erased by more than 80-90 percent, while many projects fell prey to the continual swipes of the bears.
However, some projects still seem to be thriving in this nascent industry, take EOS for example. Despite the flurry of hacking attempts it suffered in 2018, the smart contracts platform has consistently ranked among the top ten crypto projects out there. In fact, at the time of writing, EOS ranks fourth in terms of market cap.
According to data from crypto research and analytics website CoinMarketCap, EOS has recorded strong gains in price in the past one week. The digital token was trading at $2.80 on February 14, 2019, compared to its current price of $3.84.
While no specific reason could be attributed to the astronomical rise in the price of this altcoin, proponents of the EOS camp are pretty confident about it becoming the go-to platform for creating decentralized applications and surpass the likes of Ethereum and TRON.
The increase in the price of EOS has pushed the altcoin’s market cap to a strong figure of $3.5 billion. The cryptocurrency is only surpassed by digital tokens such as Bitcoin, Ether, and XRP in terms of market cap.
Recent Developments in the EOS Ecosystem
2018 was nothing short of a roller-coaster ride for EOS. The year saw hackers attack dApps based on the smart contract platform and rake in hundreds of thousands of dollars.
On the flip side, in retrospect, BlockchainReporter reported on January 17, 2019, that EOS recorded $3.5 billion dApps transaction volume in 2018 compared to Ethereum $2.6 billion.