EOS Surpasses Litecoin Before Block.One Announcement on June 1, Moves Into Top 5 by $200M
EOS, the fifth largest digital asset in the market has recently overtaken Litecoin (LTC), which is now in the sixth position.
These two digital currencies have been exchanging places during the last few months, but none of them was able to take a clear distance from the other. The price increase in EOS could be related to the announcement that Block.one is expected to make as soon as on January 1.
EOS Surpasses Litecoin Before EOS Announcement
Block.One seems to be ready to release important information as soon as June 1st. The company is expected to announce a new social network that could be using blockchain technology in order to operate. Nonetheless, this is just speculation and there is no official information about it.
The firm behind EOS decided to launch a special website related to this release in which users can receive information about the announcement. Moreover, Block.One obtained a trademark that describes an application related to a social network for photo sharing, and other things.
According to EOS New York, Block.One has also purchased 3.3MM EOS worth of RAM, which could be related to the new product release on June 1.
— EOS New York (@eosnewyork) May 27, 2019
Although Litecoin has also been performing very positively during the last few months, EOS remains a strong competitor to surpass. Litecoin has surged over 400 percent since it bottomed back in December 2018 and experts beleive that the digital currency will continue to grow in the future.
Litecoin will be experiencing a new halving that will reduce network rewards from 25 LTC per block to 12.5 LTC. This is expected to have a bullish effect on the digital currency if the demand for it remains stable or conitnues growing.
At the time of writing this article, Litecoin is being traded around $116.60 and it has a market capitalization of $7.23 billion. Moreover, EOS is currently being traded around $8.1 and it has a market capitalization of $7.42 billion according to CoinMarketCap.