EOS, which stands for “Ethernet Over SONET,” is a cryptocurrency with growing popularity. At the time of writing, this crypto coin is trading at $12.07. That means that, compared to its price 24 hours ago, it has gained about 4%. Looking back a week, it has only increased by 6%. The price of this particular currency is very volatile – it swings up and down wildly within a day.
In fact, it has already passed the $12.00 mark more than once. Each time, however, it manages to quickly correct and dive back down a few dollars. Look at the past month of trading, for instance:
Sure, there has been more than 100% of growth, but during that period there have been some erratic fluctuations. Just yesterday, EOS was trading under $9.00. On Sunday, it even got within pennies of the $13.00 mark.
Will EOS Continue on its Roller Coaster Trajectory?
Based on what we have seen so far from EOS, the current position above $12.00 is nothing to hold our breath about. In fact, we’ve certainly seen this type of thing before – just in the past month. So, why should we be confident that this coin is going to suddenly break out? Why shouldn’t it just slip back toward $9.00 again?
After all, this cryptocurrency is still in its ICO – a year-long ICO that is in progress. They have raised a ton of money already, but there are still months left to go.
And the company behind this coin, Block.one, doesn’t exactly have a product yet. It does have claims, though. The blockchain platform will be comparable to Ethereum (ETH). Like ETH, it will support decentralized applications (dApps). It is a store of value and can be traded.
But, unlike Ethereum, EOS says it will be free. That’s right – no transaction fees. And it is also planning on having the capacity for millions of transactions per second. The creator of this coin, who also co-founded Steemit, also promises this:
Forgot my wallet password yesterday, almost lost 5btc. Crypto will not go mainstream until balances are safe from lost passwords. Fortunately #eosio has lost password recovery using your blockchain social network and identity. #bitcoin #Ethereum
— Daniel Larimer (@bytemaster7) January 10, 2018
Whether or not this cryptocurrency ends up delivering on its promises is still up in the air.
Are you participating in the ICO?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.