The price for EOS is in double digits for the first time since mid-2018, after a parabolic surge that began back in March.
According to CoinGecko, the 20th place cryptocurrency by market capitalization is currently above $ 11.50 and has made a profit of almost 100% in the last three days.
First, the current EOS upward trend occurs at the intersection of two unique price trends. On the one hand, the EOS / USDT trading pair for 2021 is in the upper range, while the token price versus Bitcoin (BTC) fell to its lowest level in three years in early March.
EOS / USDT 1-day candlestick chart (Binance). Source: TradingView
At the time of writing, the EOS / BTC price action chart has broken a nearly three year downtrend, signaling the possibility of a significant upward move.
Second, as Bitcoin dominance continues to decline amid massive altcoin gains, the market cycle appears to have large-cap tokens on the rise. In fact, big alts like Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlinks LINK, and Polkadots DOT have seen their prices soar rapidly.
EOS / BTC 1 week candle chart (Binance). Source: TradingView
These altcoin gains were further increased with Ether (ETH) setting new all-time highs.
EOS is following the pattern and gaining enough momentum to show significant strength in price movements versus Bitcoin. At the time of writing, the EOS / BTC trading pair is up 76% in the past 24 hours.
A third likely reason for the EOS outbreak is due to the recently announced rewards delivery. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase the bonuses.
The recommendation to increase the bonus was based on a report commissioned by Block.one. The proposal could be the next major development in the EOS network after the PowerUp model, which allows users to pay a one-time transaction fee for 24 hours.