The EOS price (EOS/USD) has posted strong gains in the past 24 hours, possibly signalling that the fifth-largest cryptocurrency’s struggles are coming to an end.
EOS was the hottest digital coin on the market in the second half of April, as in less than two weeks its price more than doubled to hit an all-time high of $22.89 on April 29. However, the cryptocurrency has plummeted in May, dropping nearly 50% from its all-time peak. Yesterday, the EOS price hit an intraday low of $12.06, which was its lowest level since April 24. However, the coin rallied in late Wednesday trading, which allowed it to recover some of its losses. It finished the day at $12.77, down from its opening level of $12.93.
The cryptocurrency was able to maintain the positive momentum in the early hours of today’s trading, rising to an intraday high of $13.94. While the coin has pulled back to lower levels in more recent trading, it continues to hold comfortably above the $13 level. At the time of writing, the EOS price was hovering around $13.30.
The EOS rally may have been driven by 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 has estimated that the new network will be able to handle a minimum of 1000 transaction per second.
In today’s trading, the EOS price stood at $13.33, as of 16:40 BST. The digital currency has gained 8.7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at nearly $11.5 billion.