Altcoin Update: The EOS coin jumped almost 50% in the last seven days alone, allowing its market cap to surpass $7.1 billion level. The latest market rally in cryptocurrency prices added to EOS price.
The sixth largest coin rose more than 30% yesterday, and it is extending the momentum into today’s trading. Aside, from the latest crypto market rally, EOS has been getting support from the developments in its blockchain technology.
Hedge fund manager Michael Novogratz’s company – Galaxy Digital, has a joint venture with EOS for $325 million and this also added to trader sentiments. The introduction of EOSIO Dawn 3.0 on Github has also raised trader confidence on EOS blockchain technology – which has set a path for the potential release of EOSIO 1.0 in the next few months.
Ethereum, Ripple, and Other Altcoins are Shining
The unexpected surge in Bitcoin price (BTC) on Thursday created a broader rally in altcoins. Ethereum (ETH), the largest altcoin, rose 22% in early trade today after generating double-digit growth in Thursday trading. ETH coin is up 38% in the last seven days. ETH coin currently trades around the highest level since the start of this month.
Source Image: coinmarketcap.com
Ripple (XRP) has also posted substantial gains over the last two days, allowing it to pare the losses it generated in the previous two weeks. The coin trades above $0.63 level today for the first time since the start of this month.
The rest of the top ten altcoins are also gaining momentum. Cardano (ADA) and IOTA (MIOTA) are among the prominent gainers. Cardano price is increasing at a high double-digit rate over the last two straight days. IOTA currently trades around $1.41, the highest level in the previous thirty days. It is up 48% in the last seven days.
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