The EOS price is in double digits for the first time since mid-2018, after a parabolic surge that began back in March.
According to Coingecko, the 20th ranked crypto by market capitalization is currently above $ 11.50 and has made a profit of almost 100% in the last three days.
First, the current EOS upward trend occurs at the intersection of two unique price trends. On the one hand, the EOS / Tether (USDT) trading pair is in the upper range for 2021, while the token price versus Bitcoin (BTC) fell to its lowest level in three years in early March.
At the time of writing, the EOS / BTC price action chart has broken a nearly three year downtrend that signals the possibility of a significant upward move.
Second, as Bitcoin dominance continues to decline amid massive altcoin gains, the market cycle appears to have large-cap tokens on the rise. In fact, big alts like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK), and Polkadot (DOT) have seen their prices soar rapidly.
These altcoin gains were further increased by Ether (ETH), which set new all-time highs
EOS is following the pattern and gaining enough momentum to show significant price action strength against Bitcoin. At the time of writing, the EOS / BTC trading pair is up 76% in the past 24 hours.
A third likely explanation for the EOS outbreak can be traced back to the recently announced reward staking. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase the operational bonuses.
The recommendation to increase the bonus was based on a report commissioned by Block.one. The proposal could be the next major development in the EOS network after the PowerUp model, which allows users to pay a one-time transaction fee for 24 hours.