EOS price (EOS/USD) hits new all time, but sees steep correction on Monday

The fifth-largest cryptocurrency shattered the $20 barrier on Sunday

EOS price (EOS/USD) hits new all time, but sees steep correction on Monday

The EOS price (EOS/USD) has seen a steep correction after hitting a new all-time high during yesterday’s morning session.

The fifth-largest cryptocurrency experienced rapid growth last week, which appeared to be largely driven by growing excitement over the upcoming launch of the EOS mainnet. The event, which is scheduled for June 2, will see EOS migrating from the Ethereum network to its own blockchain. This transition is expected to deliver a number of benefits to the token, including a significant increase in transaction speed. The EOS team estimates that the new blockchain will be able to process thousands of transactions per second (TPS). The team offers a worst case scenario, in which the network will be able to handle 1,000 TPS. Their “average” and “best” case scenarios predict speeds of 3,000 TPS and 6,000 TPS, respectively.

The EOS price has also benefited from last week’s announcement that the token had gained listing on the popular social trading network eToro. The company’s chief executive officer Yoni Assia explained that the move reflected a growing trend of investors increasingly turning their attention to altcoins.

“We're excited to have brought EOS onto the platform already this year and we look forward to seeing how the market develops in 2018 following a very successful 2017 for the crypto community," Assia said.

In yesterday’s morning session, the EOS price for the first time break above the $20 level, posting a new all-time high of $22.89. However, the digital coin saw a significant pullback in subsequent trading and eventually ended the session at $21.54.

The coin has continued to decline in today’s trading. As of 09:41, the EOS price stood at $17.99, down 16.8% from the same time yesterday. The digital token’s total market capitalisation currently stands at $14.8 billion, according to data from cryptocurrency tracker Coinmarketcap.

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