The market is yet to wriggle out of the bear hold and many cryptocurrencies are still on shaky ground. However, there are some coins or tokens that continue to go against the tide as they flourish with huge price jumps.
Even though the overall picture can’t be tied down to a mini-bull run, it’s worth noting such uptrend. Two of these coins are EOS (EOS) and Stellar (XLM).
EOS (EOS) – next few days crucial for token value
Currently ranked 5th in the market, EOS, as its nickname suggests, “Ethereum on Steroids”. With its dApps and Smart contracts capabilities, and improved scalability, the project looks set to cause some shockwaves in the blockchain industry. Though still in Alpha stage, this foremost token on the Ethereum network had spiked more than 37% in the last 24 hours and more than 52% over the last 7 days. Its price has surged within a matter of days from about $5.67 to today’s $8.65 against the US dollar.
In terms of its daily trading volumes, the token has seen an 860% spike in interest as it jumped from about $230M to $2.3 billion elevating its market cap to $6.9 billion. On this front, only BTC had higher volumes. With the speed at which it’s experiencing growth, we could be looking at EOS aiming for 4th on the logs.
The astounding bullish run has is speculated to owe momentum to a rumored airdrop that will happen on 15th April. The token has received a lot of support from the Asian markets, with Upbit and Bithumb accounting for nearly 45% of its volume. Being listed on 116 exchanges around the world also plays a role in visibility and liquidity.
Coupled with this, it is claimed that every Ethereum wallet that would have a balance of at least 100 EOS will automatically receive an equal share of eosDAC. Though not officially communicated, this seems to have created a FOMO atmosphere, with investors scrambling to get their hands on EOS before the snapshot.
Predictions put the token at $10 before the weekend. For EOS investors, however, caution should the guiding principle as there’s a likelihood of a sharp reverse immediately after the 15th if this uptrend is driven by the expected airdrop. Long-term, though, the EOS token presents a solid project that won’t be brought down were its price to take a dip. Based on the uncertainty of the supposed airdrop, taking a short-term position isn’t a good option.
Stellar (XLM) outlook suggests long
XLM is currently ranked 8th on the market with a market cap of $3.9 billion. The coin traded at $0.214 against the US dollar during Asian hours, still some distance from its highest mark of $0.91. At the time of writing, XLM was the second least traded coin in the top 10 with just $63 million. Compared to EOS, XLM has had a slightly lower percentage upsurge. Over the 24h period, the coin spiked 7.21% against the US dollar. The 7-day changed also had a cumulative +7.13% increase.
The XLM project is one that has variously been touted as one that could greatly influence the financial sector. Apart from its clear focus being on providing a network for faster and cheaper cross-border payments, the project also can host tokenized assets and coin offerings. Its appeal, however, remains in the belief that it will wrest momentum from Ripple and be the cryptocurrency of choice for Central Banks around the world.
Though Stellar has a very good product and a team destined to deliver, it suffers from one shortcoming- liquidity. It’s not that profound as XLM is still listed on some of the largest trading sites like Bittrex and Binance. But the low volume is an indicator that the coin needs more visibility. In hindsight, EOS is listed on 116 exchanges, compared to Stellar’s 79. In contrast, the major coins are listed on more than 350 exchanges, giving investors a wider market.
Predictions put XLM at a possible $1 high by the end of 2018, citing the numerous partnerships that could help drive interest and therefore value. The Stellar team has interests in money remittance, asset management, financial consulting, and blockchain technology. This has seen the fast-rising platform seal deals with giants like IBM and Deloitte and a host of others.
EOS (EOS) is a great platform and will eventually do very well. However, the future outlook for Stellar beats EOS coin. Should the expected IBM initiative work out, then the Stellar (XLM) could experience a real surge in 2018. It’s undoubtedly the coin for the long haul investor.