Crypto Community Thinks a Bull Run is Imminent for EOS Token After Rising to the Top 4 Spot
The cryptocurrency slump is experiencing some positive movements, leading many participants in the community to believe that a bullish run is coming. Multiple altcoins are seeing increases, based on data offered by CoinMarketCap, like Bitcoin, XRP, and EOS. However, for today, the one with the most attention is EOS, which experienced such an increase that it has passed both Stellar Lumens and Tether to climb all the way to the fourth spot.
EOS’s jump comes with in increase of 25.9%, bringing it up to $2.46 at 12:34pm PST. Most of the market volume is held by OKEx, but their path has been one of continual growth over the last week. In fact, so far, they have been the most consistent and the highest gainer of any of the altcoins during that time.
Most recently, EOS became part of the crypto headlines after Coinbase announced that they would be one of the 30 cryptocurrencies that is being added to Coinbase. Coinbase’s announcement said,
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
When discussing the addition, Coinbase noted that the prospective cryptocurrencies would first be evaluated with their Digital Asset Framework to ensure that they follow the necessary regulations. As a result, some of the assets may only be available for buying and selling, rather than sending and receiving to the user’s wallets. Each will be added on a case-by-case basis.
With that factor considered, there’s a chance that EOS isn’t experiencing the start of a bull run, but a phenomenon that the community called the “Coinbase effect.” This effect implies that the addition of a digital asset on Coinbase will instantly increase trading and purchase of the token, though there’s also the suggestion of insider trading. Regardless, the listing of a new token on their database often means a spike in the market cap, which is happening here. However, the only way to see if this is a bull run or simply a side effect of their Coinbase listing is to continue watching the coin.
By the time this article was completed, EOS’s 24-hour increase was down to 24.64%, so it seems to be changing each minute.