Google Image
Out of all the 10 largest cryptocurrencies by market capitalization, EOS is the only crypto that is still gaining waves in the past 24 hours. According to coinmarketcap, the price of EOS went as high as as $7.35. As at the time of me writing this, the price has come down to $6.51.
Chart According to Coinmarketcap
What is the Fundamental Analysis behind this spike in price?
A major funds announcement by a European-based Fintech Firm by the name FinLab AG is the major factor responsible for this increase in price. The German fintech incubator announced a $100 Million joint venture together with EOS's blockchain developer, Block.one.
The company also aims to use the fund to further increase awareness about the EOS.IO platform. According to FinLab, more funding is still coming in the way of the cryptocurrency has it has budgetted about $1 billion in total for the distribution of the EOS.IO platform and so this $100 Million is only a fraction of the entire money.
The EOS.IO platform prides itself as the backbone on which decentralized applications (dAPP) are built. Read the Technical White Paper here. It also promises to improve on the major concern with bitcoin at the moment which is scalability and also ensure a free transaction on its new blockchain architecture. PHANTOM, a BlockDAG which is an alternative to the blockchain technology was proposed just last month in order to solve the scalability challenge of the major cryptocurrency, Bitcoin
A lot of investors are renewing interests in the EOS cryptocurrency and many believe another price surge is in the offing very soon. What are your thoughts on this? Let me know in the comments below