Even though most of the cryptocurrencies are still suffering from bearish momentum right now, it remains to be seen if there is any positive momentum on the horizon. For the EOS price, things are not looking all that bad compared to most of the other cryptocurrencies. In fact, it seems the EOS price is stabilizing above $6, which would be a milestone in its own right.
EOS PRICE BUCKS THE NEGATIVE TREND
With virtually all cryptocurrency markets in the red once again, it is all the more remarkable to see the EOS price going up as of right now. Even though it remains to be seen how long this trend will last, the current sentiment in the EOS community seems rather positive. It is uncanny how some altcoins can successfully buck the overall market trend, even though it may just be brief.
To put this into perspective, the EOS price has risen by 6.54% in the past 24 hours. That in itself is pretty positive, especially with Bitcoin and Ethereum going down as of right now. With this small gain, the EOS price has surpassed the $6 mark once again. Compared to its all-time high of nearly $17 a few months ago, there is still a lot of work to be done until the market looks healthy again.
Even so, EOS is slowly gaining on both Bitcoin and Ethereum as of right now. In fact, this popular altcoin has gained 10.61% over Bitcoin and a shocking 11.13% over Ethereum. While it is not uncommon for altcoins to note some big gains over both of these top currencies, it does go to show Ethereum will face a lot more hardship in the months to come compared to Bitcoin. For speculators, that is one worrisome trend they need to keep an eye on, for obvious reasons.
On the trading volume front, EOS makes virtually all other currencies look bad. Its volume of just under $623.3m is quite impressive, especially when considering how all markets have to deal with a decline in trading volume for several weeks now. For EOS, this volume is more than sufficient to keep the momentum going for some time to come, although the market can still turn bearish at any given moment.
It seems South Korea is very much intent on pumping the EOS price right now. Bithumb and Upbit are dominating the charts and combine for over 43% of all trades. Especially the volume on Bithumb is well out of proportion compared to the rest, although Bitfinex is gaining on Upbit as of right now. How all of this will play out, remains to be determined
For the time being, the EOS price is successfully bucking the market sentiment. Maintaining this unusual situation will not be easy, especially if the Bitcoin price continues to decline further. While EOS is gaining on Bitcoin right now, a bit more pressure on BTC will send all cryptocurrencies in a downward spiral once again.