What is EOS crypto as its token’s trading volume rockets nearly 400%?

Highlights:

• EOS is a blockchain platform developed by Block.one that allows for building decentralized applications (DApps)
• The EOS token is available on various major crypto exchanges like Binance, Bybit, etc
• It gave a return of more than 37% over the last 30 days

With the gaining popularity of Bitcoin, various altcoins appeared to have gained traction in the market. At the time of drafting, the global crypto market surged 5.21% to US$2.12 trillion, while its one-day volume jumped 73.40% to US$108.98 billion, according to data provided by Coinmarketcap.com.

The recent surge was partly led by gains in the dominating names of the sector. Bitcoin (BTC) jumped 5.55% to US$47,080.24 on March 28, while Ethereum (ETH) rose 5.90% to US$3,333.79. Various other altcoins also witnessed significant gains as investors seemed to have turned their focus to the crypto market.

One such crypto, EOS, has caught the investors' eyes on early Monday, going by the increase in its price.

Also Read: What is Metapets (METAPETS) crypto? All you need to know

What is EOS crypto and why is it rising?

EOS, launched in June 2018, is a blockchain platform developed by Block.one that allows for building decentralized applications (DApps) while making the adoption of blockchain technology coherent and smooth.

It intends to make blockchain technology as simple and coherent as possible so that the programmers embrace it, while ensuring its network is easy to use as compared to its rivals.

It provides various tools and a wide range of educational resources to aid programmers who seek to build functional applications quickly. In addition to that, it claims to prioritize greater scalability than other blockchains, some of which, it says, may handle less than a dozen transactions per second.

Also Read: Why is Meta Ruffy (MR) crypto gaining attention?

It also focuses on improving the experience for users, as well as businesses. While working on delivering greater security and lesser friction for the consumers, it also claims to focus on unlocking flexibility and compliance for businesses.

EOS is the native utility and governing token of the EOS ecosystem. It allows the holders to vote for block producers and other aspects of the platform including its developments and upgrades.

The block producers are the representatives who are responsible for validating the transactions. The token is available on various major crypto exchanges like Binance, OKX, Bybit, etc.

Meanwhile, there is no apparent news as to the reason for the recent surge in its price. It may be that along with a rally in the overall crypto market, EOS might have gained traction from investors over the unique solutions offered by the platform.

Also Read: What is Milo Inu (MILO) crypto and why is it rising?

                                                     Source: *Data provided by CoinMarketCap.com

Bottom line:

The EOS token was priced at US$2.97 at 6:19 am ET on March 28, up 16.30%, while its trading volume for the last 24 hours has skyrocketed 391.24% to US$1.44 billion. The total supply of the token is over 1.05 billion, and its current circulating supply is 985.40 million.

It has a market capitalization of US$2.93 billion, and its fully-diluted market capitalization is US$3.11 billion. It gave a return of 37.57% over the last 30 days.

Despite the higher return and the recent rally, investors should exercise due diligence before considering an investment as digital currencies carry high risks. In addition, investors should also consider the higher volatility in the crypto market before spending on any assets.

Also Read: Top blockchain stocks to explore: COIN, CME, RIOT, MARA & BITF

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.