EOS (EOS) Supported by $1 Million Order on Binance

The EOS (EOS) market price received substantial support that sent it above the $5 mark, after a $1 million order was noticed on Binance earlier this Monday:

https://twitter.com/Ashe_Oro/status/1033961071793647616

Some believe the current bear market is quite near its bottom, and any sign of buying is seen also as a sign of recovery. However, EOS has been sliding in the longer term, and is hovering near the $5 level.

EOS jumped from $4.94 to $5.20 within 20 minutes at around 3:00 UTC, and has achieved a net gain of about 5% in the past 24 hours. EOS still trades around $5.20, which is a level that was once seen as relatively low, but is now greeted as a sign of recovery. EOS trading volumes hover around $451 million in 24 hours, with a large share of trading happening on BitMart. More than 45% of EOS volumes are achieved against Tether (USDT).

The EOS network has also started supporting distributed apps, and for now, the number of users almost matches that for Ethereum apps. The Dapp Radar service has also started tracking EOS:

https://twitter.com/DappRadar/status/1033860612001067008

The state of EOS dApps shows that the network is still not as loaded by real-world users as expected. The best-visited dApp, EOS Kings, has 948 users in the last 24 hours, and the casino app, EOS Bet, has around 400 users. For the rest, activity remains very low.

EOS RAM prices have remained steady at around 0.11 EOS per kilobyte, which signals the end of the speculation of the past months. The blockchain’s activity shows more than 5.2 million transactions in the past 24 hours, although there has been talk of spam to the network masking the low level of real usage. The EOS network has also improved its records of most transactions handled per second, up from 3,972 to 3,987. However, those levels of transactions do not happen every second, and there are long periods of much lower activity.

EOS is still considered by many to be a highly risky project that is yet to prove itself. For now, consensus and block production work, with one initial glitch right after the network’s launch. EOS is also among the earlier systems that managed to apply a complex form of voting and delegated consensus, with TRON (TRX) and Tezos (XTZ) lagging behind in building their networks.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.