The EOS price (EOS/USD) has seen a significant price correction after gaining more than 8% in the early hours of yesterday’s trading.
Having gained a strong positive momentum in late Wednesday trading, the digital currency was able to advance rapidly towards the $14 mark. However, the cryptocurrency’s unsuccessful attempt to break through that barrier was followed by a sharp pullback towards the $13 mark. The decline accelerated in late Thursday trading, matching a similar trend affecting the wider cryptocurrency market. Despite its strong start, EOS eventually finished the session at $12.43, down from $12.87.
EOS has seen further losses in today’s trading, falling to an intraday low of $12.08 shortly after the start of the session. The cryptocurrency rebounded later in the morning session to reach an intraday high of $13, but has since returned to price levels below yesterday’s close. At the time of writing, the EOS price was hovering around $12.40, according to data from cryptocurrency tracker Coinmarketcap.
Meanwhile, the EOS community is preparing for the eagerly anticipated of the EOS mainnet, which is scheduled for June 2. The event 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. The developers also believe that the network could theoretically support millions of TPS.
In today’s trading, the EOS price stood at $12.42, as of 16:27 BST. The digital currency has lost 6.5% of its value in the past 24 hours, Coinmarketcap data shows. The current price levels give EOS a total market capitalisation of $10.7 billion, which makes it the fifth-largest cryptocurrency on the market.