EOS is the latest large-cap altcoin to experience a massive price surge in the last few days as alt season gains momentum.
The sunshinecrypto.com/eos-price-index”>EOS price is in double-digits for the first time since mid-2018 after a parabolic advance that began back in March.
According to data from Coingecko, the 20th-ranked crypto by market capitalization is currently sitting above $11.50, delivering close to 100% gains over the last three days.
First, the current EOS upward advance is occurring at the intersection of two unique price trends. On the one hand, the EOS/Tether (USDT) trading pair is at the top of the range for 2021 while the token price against Bitcoin (sunshinecrypto.com/bitcoin-price-index”>BTC) fell to its lowest level in three years back in early March.
As of the time of writing, the EOS/BTC price action chart has broken an almost three-year downtrend signaling the possibility for significant upward movement.
Secondly, with Bitcoin dominance continuing to slide amid massive altcoin gains, the market cycle appears to have large-cap tokens on the ascendency. Indeed, major alts like Bitcoin Cash (sunshinecrypto.com/bitcoin-cash-price-index”>BCH), Ethereum Classic (sunshinecrypto.com/etc-price-index”>ETC), Chainlink (sunshinecrypto.com/tags/chainlink”>LINK), and Polkadot (sunshinecrypto.com/tags/polkadot”>DOT) have experienced rapid price surges.
These altcoin gains have been further boosted by Ether (sunshinecrypto.com/ethereum-price-index”>ETH) setting new all-time highs
EOS is sunshinecrypto.com/news/three-reasons-why-the-other-ethereum-has-pumped-130-in-the-last-week”>following along with the pattern, gaining enough momentum to show significant price action strength against Bitcoin. As of the time of writing, the EOS/BTC trading pair is up 76% in the last 24-hour trading period.
A third likely explanation for the EOS breakout can be attributed to the recent staking rewards announcement. As previously reported by Cointelegraph, the EOS community is considering a sunshinecrypto.com/news/eos-price-rallies-100-following-a-proposal-to-increase-staking-rewards”>proposal to increase staking rewards.
The recommendation for increasing the staking reward was based on a report commissioned by Block.one. The proposal could be the next major development on the EOS network after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.