EOS price experienced wild sideways movement over the last two weeks. Erratic swings from the fifth largest altcoin with the market cap of $4.6 billion have stunned investors; EOS price jumped at a double-digit rate on Tuesday and the coin extended its momentum into today’s trade.
John Oliver comments helped to drop the fifth largest altcoin price to its lowest level since early December. He used EOS as an example of showing the speculative and risky nature of cryptocurrencies.
However, the price started paring losses after EOS management argued that several of John Oliver’s claims are unrealistic. The announcement of the Everipedia coin being distributed to EOS holders added to the price increase. EOS price jumped from $4 to$ 7 in the next three days after crashing to the lowest point in four months on March 18.
EOS price is almost flat in the past seven days despite some sideways movements, compared to the high double-digit drop from its counterparts.
Litecoin (LTC) price plummeted 21% in the last seven days, Cardano (ADA) and Stellar (XLM) are down 26% and 18%, respectively. The largest altcoins, Ethereum (ETH) and Ripple (XRP) also plunged at a double-digit rate in the previous seven days. Indeed, EOS has also outperformed Bitcoin (BTC); BTC price declined 12% in past seven days and increased only 1% in the last 24 hours.
EOS is substantially popular in Asian markets, primarily in South Korea which accounts for almost 55% of trading volume. The South Korean exchange Bithumb accounts for 36% of volume and Upbit shares 17% of the total volume.
Block.one, the blockchain behind EOS announced 100 million of investments in blockchain in the days to come and it is also launching the testnet version of the EOS network next month.
Featured Image: twitter