EOS was trading at $9.459 on Wednesday May 5, according to CoinMarketCap, up 33.55% since the beginning of the month.
The price growth of the crypto asset increased its market capitalisation to $8.866 billion, which is equivalent to 0.37% of the entire crypto market.
However, the coin is yet to reclaim its former glory. The highest market cap for EOS was achieved at $17.529 billion. Over the past 24 hours, EOS has traded between $8.606 and $9.461.
EOS has still not reclaimed its all-time high of $22.98 recorded on April 29, 2018.
Over the past week, EOS has risen by 57.09%. At the time of writing EOS trading volume stood at $9.381 billion, accounting for 3.54% of overall cryptocurrencies market volume.
What’s going on with EOS?
EOS is a decentralised application platform that has a delegated proof of stake (dPoW) consensus system. A continuous voting system determines which nodes can verify transactions.
The top 21 nodes by network voting become the block producers (BPs). The system has been criticised because of its centralisation vulnerabilities and the danger that nodes could conspire to game the system.
According to dappradar.com there are only two EOS dapps ranked in the top 25.
Nevertheless, buyers are no doubt speculating that EOS could yet be an Ethereum killer ,given that it is already running a much faster PoS network, while Ethereum’s roadmap does not see its migration to PoS complete until sometime late 2022 at the earliest.
Proof of stake systems have much better transaction throughput than proof-of-work protocols used on the Bitcoin and Ethereum network, but security is arguably weaker.
The crypto market
The crypto market has also been performing well since the beginning of the year. Bitcoin is leaving behind the market crash that happened in August. But to regain its recent all-time high, Bitcoin will have to climb above the $60k mark – traders are keenly watching to see if this will happen soon.
Bitcoin’s market dominance has also been negatively affected as it seeks to consolidate around the mid $50k level. It has been pressured to the low side – falling to $47k two weeks ago – while top altcoins have been booming, especially Ethereum and Binance Coin.
Ethereum’s breach of the $3,000 mark can be attributed to the increasing deposits on DeFi protocols. Currently, Ethereum is edging towards $3,500, and this will be a record for the currency.
The market cap for Bitcoin is currently around $1 trillion, which is a market dominance of 44.97%. The Ethereum market cap has reached $400 billion, making the crypto more valuable than payments giants such as PayPal and MasterCard.
The other crypto that is edging higher in value in the crypto market is Dogecoin. Since January, the coin has increased by 12,000%, and investors are waiting to see whether it will reach the $1 mark in the coming weeks.