EOS breaks all time high, trades over $19: is FOMO back?
All of the major cryptocurrencies have seen healthy increases in value this month but EOS’s performance has been spectacular, tripling in price during April. Today it hit an all time high of $19.50.
During the crypto bullrun of late 2017 much of the spectacular price rises seemed less to do with any change in fundamentals but rather an investor fear that prices would keep going up and not investing meant being left behind. This “Fear of Missing Out”, or FOMO, has been largely absent in 2018. Until now.
The last 24 hours have seen a frenzy of EOS trading. In the last 24 hours over all exchanges tracked by the Coin Market Cap website it was the third most traded cryptocurrency, after Bitcoin and Tether. Of the major exchanges, EOS was by far the most traded crypto on OKEx, Upbit and Huobi, while it came a close second to Bitcoin on Binance and Bitfinex.
All this interest pushed the EOS price up over 16% in the last 24 hours and EOS is now firmly established in the top 5 cryptocurrencies by market cap, with more than double the value of 6th placed Cardano.
In March, during his well-received piece on cryptocurrencies, comedian John Oliver singled out EOS for special attention, particularly their controversial co-founder and CSO Brock Pierce. In response EOS announced Pierce’s departure. At that point, just six weeks ago, these record prices would have seemed highly unlikely.
So what is driving the current frenzy for EOS? Though there has been good news lately, not enough to justify a trebling of the price.
It appears that after a shaky few months in the crypto markets we might finally be witnessing the return of FOMO. EOS is the latest “Ethereum killer” to excite the market, and compared to ETH, EOS can look like a bargain (at time of writing EOS is at $19.50 and ETH at $690.18). Although the EOS market cap has increased considerably, Ethereum’s is still four times larger, encouraging some investors to think there is plenty of room left for EOS to increase in value.
The new price high was greeted with delight on the EOS subreddit, with a breaching of the $20 level widely predicted to occur sooner rather than later.
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