As the crypto market has turned bearish since the start of the new year, so too has investors’ outlook for the foreseeable future. What’s true with every bearish cycle in the crypto industry is that this is a time where a lot of great projects fly under the radar.
Such may just be the case for the EOS project. Since the start of this bearish cycle EOS has strengthened its share in the market while others have lost it – as EOS jumped from 49th position to 47th on CoinMarketCap – signaling strong support for the project.
In a bullish trading day on Friday EOS saw its price increase by 10.42% to peak at $2.1188 on the day, leading to its market cap surpassing the $2 billion mark to end the day at $2.0527 billion. What was more impressive is that these numbers marked EOS’ biggest one-day percentage gains since December 11, 2021.
Earlier on in the week EOS became the 2nd most purchased cryptocurrency by 1000 of the biggest whales in the Binance Chain ecosystem. Coincidently Binance, the number 1 leading exchange in the world, is a Top 21 Block Producer on the EOS network.
Could this be marking the turning point for EOS which has been losing market share since reaching all-time highs back in May 2018? Perhaps it’s too early to tell.
What is intriguing however is the increase in activity we’re seeing within the EOS ecosystem as it is introducing new initiatives to help grow and strengthen the EOS network to bring it back to its glory days as a top 5 contender for market share.