23 Jan EOS (EOS) & Stellar (XLM) Are Making Gains Today but Why?
EOS (EOS) is not a new project to the world of cryptocurrency but recently it has slowly begun climbing its way up the charts. The cryptocurrency is currently the 8th largest cryptocurrency by market cap, passing STELLAR (XLM), TRON (TRX), Monero (XMR), DASH (DASH), and NEO (NEO).
The EOS teamed launched its ICO back on June 26th, 2017, raising $186 million in just two weeks.
With many ICOs, investors are investing in an idea more so than in physical products, as the ICO starters may not have produced actual products yet. This was the case in the ESO ICO. The money raised in its ICO was used to develop its EOS.IO software, a software that its creators are seeking to be used as the base layer for decentralized applications. The EOS team’s goal is to build a platform that is simpler than Ethereum’s platform and that will solve the scalability issues that both Bitcoin and Ethereum’s blockchains have been having. EOS is expected to run from 10,000 to 100,000 transactions per second, far surpassing most of its competitors on the current market.
As you can see from the graph above, EOS has had a slow ramp up due to the lack of a functioning product but towards the end of November, things began to change. EOS Dawn 2.0 test net was announced on the project’s official website two months ago and the coin has been climbing ever since. If the team can solve the issue of scalability and make it easier for decentralized applications to be built on top of its underlying blockchain, EOS will be a force to be reckoned with in 2018.
At press time, EOS is currently selling at $13.84 a coin, up 8.85% in 24 hours. You can trade for EOS on Bithumb, Bitfinex, Huobi, OKEx, Binance, and Kraken.
Stellar is making its way back up from the large cryptocurrency correction that occurred last week. At the beginning of the month, the currency shot up nearly $10 billion in its market cap but suffered along with the other currencies in the time of major sell-offs.
There will continue to be high volatility in the market, however, Stellar seems to be making some small strides today. Late last year, IBM (NYSE:IBM) announced that it would use the cryptocurrency to speed up its cross-border transactions in the South Pacific.
As IBM continues to use the coin in 2018, one should expect major things for this cryptocurrency.
At press time, XLM is selling at $0.47 a coin and is up 2.83% in 24 hours.
Featured Image: steemit