During the wide crypto market crash this past Friday, EOS was showcasing itself as a leading project in the industry, one that is about to exhibit an epic comeback. This past Friday saw the likes of Bitcoin, Ethereum, Solana etc, down significantly while the EOS cryptocurrency was putting up market leading price performances on the day.
The crash on Friday is being attributed to Silvergate Bank’s announcement that it was shutting down its crypto (digital) payments network, and the SEC ordering Silvergate to pay back $9.9 million to BlockFi.
This comes just three months after Block.one announced it had acquired 7.5% of Silvergate Capital’s shares, citing the success of the now shut down digital payments network. Brendan Blumer, founder and CEO of Block.one, had also acquired an additional 9.3% of shares, making him Silvergate’s largest shareholder.
Meanwhile EOS was having one of its best Friday’s with its price performance in the cryptocurrency market and seeing increased media coverage. It was also on the same day that Messari, a leading data analytics and research firm that provides insights and information on the cryptocurrency industry, published an in-depth report that shared a positive outlook on EOS.
The cryptocurrency and blockchain industries have recognized EOS’ recent disassociation with the Block.one company. As a result, EOS has been gaining positive support from industry participants, including from the Messari report which tells the story of how Block.one came to be removed from the EOS network.
“Over the past seven days, EOS has seen a rise in value, as it gained 17.33%. The volume of EOS traded in the twenty-four hours to time of writing was $489.1458M or 0.91% of the total volume of all cryptocurrencies. It has traded in a range of $1.1020 to $1.3371 in the past 7 days.” - EOS Climbs 14% In Bullish Trade
“EOS, the native crypto asset of the EOS blockchain, suddenly jumped nearly 8% as the entire market dipped. At the time of writing, EOS was up 9% in the last 24 hours at $1.27. The token is also outperforming weekly, up 8.70% in the past seven days. In the last 24 hours, EOS trading volume has risen by a whopping 213%.
Bitcoin and the rest of the crypto market suffered losses early Friday, triggered by concerns about crypto-friendly bank Silvergate. This is in response to fears that the crisis at the bank that is known to help market participants and exchanges transfer funds may deepen the liquidity crunch on the cryptocurrency market. This comes after most exchanges on Thursday stated that they would no longer be conducting business with the embattled bank.” - EOS (EOS) Suddenly up 9% as Market Dips, This Might Be Reason
“The alternative coins dumped just as hard as bitcoin yesterday, if not worse. Ethereum stood north of $1,650 earlier this week but has lost about $100 since then… In contrast, EOS has added the most value, surging by 7.3% and trading at $1.3.” - EOS Soars 8% While Bitcoin Marked 18-Day Low: Weekend Watch
“Along with the price rise, the Total Value Locked (TVL) on the EOS chain is increasing in contrast to its peers. According to DefiLlama, TVL is up 1.43% in 24 hours and 5% in the last seven days. Furthermore, there is speculation about Chinese money flowing into the EOS ecosystem. The People’s Bank of China is injecting liquidity into the market. As a result, the projects with Chinese backgrounds gave double-digit gains last month.” - EOS Pumps 10% Amid Broader Market Correction due to EVM Speculation
Well, not quite everyone had a positive outlook on EOS…
“Despite outperforming the crypto market, the uptrend of EOS [EOS] could slow. EOS was an outlier, at the time of writing, after posting a 7.5% hike in the past 24 hours as the crypto sector declined by 3.5%, according to Coinmarketcap. However, the uptrend momentum could slow because EOS reached a crucial overhead resistance level.
EOS’s strong recovery in March was partly boosted by the planned launch of an EVM scheduled for April 14, 2023. Yves La Rose, CEO of EOS Network Foundation, announced on Twitter that the EVM would be 3X faster than BNB and Solana combined.” - EOS hit a key roadblock – Can shorting yield profit?
With the implementation of Antelope IBC and EOS EVM, coupled with the upcoming launch of a $100+ million venture fund. These developments are set to have a transformative effect on the ecosystem, driving exponential growth and increasing adoption, which will, in turn, positively impact the native token’s price.
Antelope IBC is a cross-chain communication protocol that enables the seamless transfer of data and assets across different blockchain networks. With the implementation of this protocol, the EOS network is able to connect and interact with other leading blockchain networks that share its underlying protocol, expanding its reach and opening up new opportunities for growth and development. Additionally, Antelope IBC could be expanded and is capable of being compatible with other blockchain ecosystems outside of Antelope.
Similarly, EOS EVM is a virtual machine that allows developers to build decentralized applications (dApps) on the EOS blockchain using Ethereum programming languages. This development will enable developers to leverage their existing Ethereum skills to build dApps on EOS, increasing the number of developers working on the platform and the range of dApps available. This will enable EOS to expand into the Ethereum ecosystem and vice versa.
In addition to these technical developments, the upcoming launch of a $100+ million venture fund will provide funding and support for promising projects and startups building on the EOS ecosystem. This injection of capital will help to drive innovation and accelerate the growth of the ecosystem, attracting more users and developers to the platform.
The improved media coverage of these developments is also significant as it will raise awareness of the EOS ecosystem, driving increased adoption and usage. As more people become aware of the platform’s capabilities and potential, demand for EOS will likely increase, driving up its price. Something that’s attracting a lot of attention on the potential and opportunity the next months provide for not only for the investors, but also for the developers.
All in all, the EOS ecosystem looks extremely bullish, with these developments set to drive exponential growth and adoption. As the ecosystem continues to expand and improve, the price of EOS is likely to rise, making it an attractive investment opportunity for those looking to capitalize on the blockchain revolution.
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