The cryptocurrency market has suffered devastating losses over the past few days as top coins pared gains amid rapid volatility. This was not surprising as market sentiment was under pressure due to the Fed’s interest rate hike and investor scare and uncertainty surrounding CPI data.
However, some coins market downturn, Among the few resilient cryptocurrencies is EOS, which scored over 7% weekly gains while maintaining 20.2% of its previous 14-day price rally.
This performance reflects the growth of the EOS ecosystem, driven in part by its Ethereum Virtual Machine (EVM), potentially lifting it above the adverse effects of the recession. Messari’s too latest report On EOS’s EVM solution is a game changer for the network.
EOS Performance Outlook
At press time, the coin is trading at $1.21, while its price is up only 0.7% over the past 24 hours. However, EOS is performing better global cryptocurrency market, which has declined by 3.10% during the last week. Also, EOS is performing better than similar smart contract platform cryptocurrencyThe prices of which collectively fell by 7%.
Although the coin is trading at $1.21 today, it could gain a lot if it registers more rallies in the coming days. It can even reach $2, all things being equal.
EOS traded once above $2 in March 2022 Its price dropped below $1 in June, before the crypto winter set in. It traded at $0.879339 before rallying in January 2023 to the current price. This means that the price of the token is up 151.53% from its all-time low price of $0.502400 on October 23, 2017.
Last week, EOS recorded five green days In a row while its price increased more than 16% within this period. If the coin moves at the same pace in the coming days, $2 would be achievable. This would be even more possible if sentiment in the broader cryptocurrency market turns bullish in the coming weeks.
Ongoing development may increase activity on the network: Messari report
As of press time, the EOS Network Foundation is pursuing a number of projects that could influence the coin’s price to rise, pushing it to new highs. For example, the EOS team is building an Ethereum Virtual Machine (EVM) solution that supports Perseverance, Solidity is a high-level programming language for implementing smart contracts on Ethereum.
In addition, Antelope has recently been launched on the EOS mainnet, which enables Antelope-based blockchains to securely communicate with each other and scale horizontally. These new discoveries will compensate for the loss of the network in the crypto winter.
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according to messari reportsThe EOS network has seen a number of developmental improvements, including ongoing improvements that will measure its growth. But in terms of network activity, EOS network activity has declined, averaging 1.3 million daily transactions and 38,000 daily activities year-to-date.
Furthermore, the coin sees a drop in new daily addresses from 2,600 in 2022 and around 13,000 in 2021 to 1,785 in 2023. Its daily active addresses declined in 2022, in line with the shift from bull to bear in the broader crypto space.
The 2022 bear market was disastrous for most cryptocurrencies. Many coins, including EOS, have not been able to recover from the loss. EOS price is now down 94.44% from its April 2018 all-time high of $22.71.
This downtrend may soon reverse with recent developments in the EOS ecosystem and may succeed in pushing the token price above $2. Above all, it will introduce more users to the network, which is the basis for mainstream adoption.
Credit : www.newsbtc.com