EOS Keeps Rising to Reclaim Record Against BTC

The EOS phenomenon continues, as the asset is once again headed for its peak levels against BTC, as well as possibly double-digit prices in dollar terms. EOS grew to $9.03 on robust Asian trading, and volumes are becoming more consistent. Recently, the asset spiked from the $5 levels into the $8-9 territory within a day. Daily auction prices responded immediately, also going to around $8-9.

All of this only added to the price manipulation speculations, especially as EOS started to move its funds. At this point, it is unknown who the ETH backers of the daily auctions are, and some believe EOS may be recycling some of the ETH, as well as artificially increasing the EOS price.

Recently, the EOS daily auctions started collecting more than 30,000 ETH, at one point up to 40,000 ETH, for a significant jump in the relative EOS price. However, the relatively stable daily amounts and the subsequent market appreciation of EOS keep arousing doubts.

!EOS!

The EOS digital asset will, in fact, have no role on the network itself - but its presence and accumulation may be important to potential node holders. The EOS network will build a system of 21 block producers achieving consensus. To get to that status, large-scale holders may have already acquired EOS, or to be aiming to acquire the asset.

With around 60 daily auctions left, and about two months to the mainnet launch, the EOS hype may change overnight. At the moment, most EOS trading is merely speculation on Huobi, Bithumb, and Bitfinex, while the real qualities of the distributed network would be unknown.

At the moment, beyond the DAWN 3.0 testnet launch, the EOS project has no new developments. The team is making the rounds globally, building a community, but all of the promises for a distributed app ecosystem are only future hopes. At the moment, several platforms are fighting to become such an ecosystem, and fast and secure distributed apps are yet to be realized on any of the chains, including Ethereum.

This article appeared first on Cryptovest