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Latest Analysis of EOS Cryptocurrency
EOS has been marked by extreme volatility in Q1 2021, with multiple successive periods of gains followed by multiple, successive periods of losses. Heading into 2021, EOS was trading around $3.00 – $3.50 per unit, before it began to rise towards $5.50 per unit in February 2021. For the year to date (March 1, 2021), EOS has generated returns of 28.92%, with the bulk of gains coming in February. The all-time high for EOS is $22.71 per unit. This cryptocurrency has a total supply of 953.05 million tokens, and a market cap of $3.24 billion. The total supply is 1.02 billion EOS tokens. Like many other altcoins, EOS rode the headwinds of Bitcoin’s meteoric price rise in 2021. As institutional investor interest in Bitcoin futures markets continues to grow, so too does demand for BTC. Increasing numbers of banking and financial institutions are warming to cryptocurrency and blockchain technology, thereby fuelling institutional and retail interest in digital currencies. Earlier in February, BTC almost broke through the critical $60,000 resistance barrier, before retracing sharply into the low $40,000 range. Several speculative announcements sent shockwaves through the crypto community when entrepreneurs like Tesla’s Elon Musk recently warned that the price of Bitcoin, ‘seems high’. Similar sentiments were expressed by Microsoft’s Bill Gates. By mid-February, the total market capitalisation of Bitcoin had surpassed $1 trillion for the first time ever. It has subsequently retraced sharply, as tens of thousands of dollars have been wiped off the price of BTC tokens in weeks. EOS and scores of altcoin have followed suit. Now, EOS is trading around the $3.43 mark (March 1, 2021).
In terms of technical indicators, such as Bollinger Bands, EOS is looking markedly bearish. The lower Bollinger Band is at $3.24, the median band is at $4.46, and the upper band is at $5.67. Momentum indicators tend to suggest that the price of EOS is rapidly approaching oversold territory, and may rebound if it crosses over the lower BB line. In terms of short-term moving averages and long term moving averages, the price of EOS is well below its 50-day MA of $3.50, and remains above its 200-day MA of $2.99. This is reflected in the year to date gains for EOS. Throughout 2020, with the pandemic ravaging the global economy, EOS hit a high of $5.36, and a correspondingly low of $1.86 per token. The long-term average, from inception to the present day is reflective of a rapidly dwindling cryptocurrency, and the bulls are often outpaced by the bears. Various chart patterns indicate downward price predictions for this year, irrespective of recent spikes. Forecasting cryptocurrency price movements is a foolhardy expedition, given the extreme unpredictability of this market. Yet, based on current trends the expectation for EOS in 2021 is best described as lukewarm. A caveat is in order: With crypto, it’s simply impossible to predict. Industry-leading experts do not anticipate much upward or downward movement with this cryptocurrency this year. Fortunately, SA traders can profit either way, with EOS CFDs to the upside or the downside with AvaTrade.
What is EOS – Ethereum’s biggest competitor
EOS is one of the most powerful blockchain platforms for decentralised applications. It is similar to the Ethereum platform but faster, more scalable, and allows users to build decentralized applications more efficiently. The EOS.IO platform is being developed by a private company, block.one, and will allow to process millions of transactions per second through horizontal scaling, making older ecosystems, like Bitcoin and Ethereum, feel like an old 1980s personal computer with extremely limited computing capabilities. A total of 1 billion EOS tokens are being distributed on the Ethereum blockchain over a period of 341 days, using a smart contract. EOS.IO officially becomes an open-source software on June 1st, 2018, opening up the floor to developers to exploit the EOS coin’s potential. Conversely, EOS tokens owners act as shareholders of traditional public companies, that way the owners are able to cast votes and participate in the governance of the blockchain, in proportion to the their stake. It is for these reasons, that financial analysts worldwide claim that EOS is the future of distributed companies and blockchain.
Why Trade EOS with AvaTrade
- AvaTrade offers EOS CFD trades with up to leverage
- The cryptocurrency market is available to traders 24/7
- You can start trading EOS CFDs with as little as
- EOS volatility makes it an interesting addition to any trading portfolio
- You can sell EOS (go short) and potentially profit even when the market price drops
- There is no need to open a cryptocurrency wallet to profit from EOS price action when trading with AvaTrade ZA
- No need to buy e-coins or risk e-wallet theft and hacking, simply because you don’t actually buy or sell EOS
- Enjoy an outstanding multi-lingual customer service
- AvaTrade ZA is regulated on 5 continents
- Execute trades on Metatrader 4 or Metatrader 5 platforms in just 3 clicks, free from the complex crypto purchasing process
- Trading Forex, CFDs and cryptocurrencies from one account
- Autotrading solutions supported
The maximum accumulated position size for EOS is £/$/€ 50,000.
How to Trade EOS CFDs in 4 Easy Steps
Trading EOD CFDs with AvaTrade is easy to do, and within only a few steps, you can start trading this exciting cryptocurrency.
- Open a trading account with AvaTrade ZA
- Fund your account by making a deposit using one of our secure banking options
- Enter your preferred investment amount
- Start to trade – BUY (go long) or SELL (go short) EOS
EOS in the markets
EOS was launched by Dan Larimer, founder and creator of Bitshares and Steem, two cryptocurrency platforms that still run today. EOS was first announced at a conference in 2017 with a peculiar ICO (Initial Coin Offering) launch; the distribution period of the token spans over a period of nearly a year according to the following schedule:
- 200,000,000 EOS Token (20% of the total) distributed over a 5-day period beginning June 26th,
2017 and ending on July 1st, 2017
- 700,000,000 EOS Tokens (70% of the total) split into 350 consecutive 23 hour periods
of 2,00,000 tokens beginning July 1st, 2017
- 100,000,000 EOS (10% of the total) reserved for block.one.
EOS initial price was $5 per token, but then quickly dropped, to reach a low of around $0.48. In November 2017, EOS started to rise, to reach an all-time high of around $13 in January 2018. The market capitalization of EOS has grown nearly ten-fold in the first 6 months.
Whilst EOS still remains largely conceptual, there are already potential advantages:
- It’s scalable horizontally and vertically (millions of transactions per second with asynchronous communication and parallel processing)
- It’s an open source ecosystem
- Transactions are 100% fee free (via an ownership model whereby users own and are entitled to use resources based on their stake instead of paying for transactions)
- Simplification of processes like bug fixing and changes to the blockchain
However, the future of EOS remains uncertain. No one can tell for sure if this e-coin will gain popularity as a transaction currency.
Traders and investors alike will continue to participate in the ICO and token distribution until the official launch of the open-source platform on June 1st, 2018, scrutinizing the breakthroughs that the development team will reach over these months.
The EOS timeline
- Beginning of 2017 – Launch of the new EOS blockchain
- June 26, 2017 – First 200,000,000 EOS token are allocated
- July 1, 2017 – Allocation of the remaining 700,000,000 EOS tokens over a period of 350 days.
- June 1, 2018 – Release of the EOS.IO open-source software to the community
Need Help Trading EOS?
If you want to trade EOS CFDs, AvaTrade ZA offers you the opportunity to Sell (go short) or Buy (go long) on all EOS trades, regardless of which way the digital currency is moving. Access to trade EOS CFDs is available 24/7, plus you can use your preferred trading strategy to sell or buy EOS. Since the cryptocurrencies market is so volatile, there are endless trading opportunities. When trading with AvaTrade you are trading on the price changes of the digital coin, and not physically purchasing it.
The maximum accumulated position size for EOS is $50,000 notional value. For additional information on how to trade EOS we recommend visiting the AvaTrade ZA Trading Conditions and Charges page.
EOS Trading FAQ
- Is EOS cryptocurrency a good investment?
That depends on who you ask. If you believe that EOS can overtake Ethereum and Bitcoin as the top cryptocurrencies then yes it could be an excellent investment. However, if you don’t believe that the EOS project lives up to its hype, then it would be considered a bad investment. One thing that is good about EOS is that you can trade it just like any other cryptocurrency. And just like any other cryptocurrency it is quite volatile, which can lead to some excellent trading opportunities.
- What is the benefit of trading CFDs on EOS cryptocurrency?
There are actually a number of benefits to using CFDs to trade EOS cryptocurrency. One of the best benefits is that since you aren’t trading the actual cryptocurrency you won’t have to worry about wallets, or private keys, or hackers stealing your coins. You’ll be able to simply trade on the price changes in the underlying cryptocurrency. Another benefit to trading EOS CFDs at AvaTrade is the 1:20 leverage we offer on cryptocurrencies. When added to the already volatile nature of EOS it does increase potential risks, but it also dramatically increases the potential rewards. And when trading CFDs at AvaTrade you benefit from our regulation, our reputation, and our strong position in the CFD industry.
- Is EOS a dying cryptocurrency?
That’s debatable, but what is certain is that the price of EOS has been trending ever lower since it hit its all-time high in April 2018. It has seen several spikes since then, but the highs are always lower than the previous highs, and the lows are then lower than the previous lows. During 2020 while many top cryptocurrencies were making new highs alongside the gains in Bitcoin EOS popped higher only briefly before dropping back near prior levels. While this behaviour is bad for the EOS faithful, it could be considered good for traders who might find a way to take advantage of the downtrend in EOS.