The price of EOS is in the double digits for the first time since mid-2018 after a parabolic advance that began back in March.
According to data from CoinGecko, the 20th-ranked cryptocurrency by market capitalization is currently sitting above $11.50, delivering close to 100% gains over the last three days.
First, the current EOS upward advance is occurring at the intersection of two unique price trends. On the one hand, the EOS/USDT trading pair is at the top of the range for 2021, while the token price against Bitcoin (BTC) fell to its lowest level in three years back in early March.
As of the time of writing, the EOS/BTC price action chart has broken an almost three-year downtrend, signaling the possibility for significant upward movement.
Secondly, with Bitcoin dominance continuing to slide amid massive altcoin gains, the market cycle appears to have large-cap tokens on the ascendency. Indeed, major alts like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink’s LINK and Polkadot’s DOT have experienced rapid price surges.
These altcoin gains have been further boosted by Ether (ETH) setting new all-time highs.
EOS is following the pattern, gaining enough momentum to show significant price action strength against Bitcoin. As of the time of writing, the EOS/BTC trading pair is up 76% in the past 24-hour trading period.
A third likely reason for the EOS breakout can be attributed to the recent staking rewards announcement. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase staking rewards.
The recommendation for increasing the staking reward was based on a report commissioned by Block.one. The proposal could be the next major development on the EOS network after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.