Over our past few installments, we have covered a year in review for some of the top cryptocurrencies in the markets through 2018. In many ways, we have saved the best till last with EOS. Okay, so in terms of value, Bitcoin has clearly been the ‘best’ cryptocurrency during 2018, however, EOS has been a very quiet overachiever, reaching an all time high not once, but twice!
Granted, the majority of 2018 has seen negative movements for EOS investors who have been presented with two clear sell off periods, those who held on may be feeling a little bit regretful as we pass into 2019, however not all hope is lost. EOS is a very promising project, one that challenges Ethereum and one that is built upon a cryptocurrency with huge potential. Many believe that soon enough, EOS will reach $30.00, a target that has been set for the majority of the past year.
EOS is still considered to be a ‘new’ cryptocurrency, springing into the markets in July 2017. During this time, moving through till January, EOS maintained a steady price, though it was soon picked up by the 2017 - 2018 market surge. EOS entered 2018 with a value around $8.77, before peaking at $18.44 just two weeks later. This surge was in line with the overall market trend that pushed Bitcoin to $20,000.00. This marked the first all time high for EOS and certainly pleased many investors.
A sell off and correction eventually contributed to a fall in the value of EOS, which retracted back to around $6.00 by February.
During March, EOS only continued to fall in value, bottoming out at $4.00 towards the end of the month. As April came about however, EOS began to embark on a bull run, one that would eventually lead to EOS reaching a new all time high - making EOS the only major cryptocurrency to hit a high value twice in the same year. EOS was accused of leading the markets during this time and many believe that the sudden spike in the value of EOS is what led to the rest of the market upswing.
EOS entered April at $6.00, before hitting it’s new and current all time high of $22.66.
This was a rare example of a leading cryptocurrency moving well away from the overall market trend. It was a sight to behold and saw many EOS investors reap huge returns on their investment. In all honesty, we all thought this would be a sign of things to come and expected that EOS would run up towards $30.00 as a result of this. As we know, in the end, this was not the case.
Prior to the April, Block.one, the development team behind EOS announced a new $200m partnership that aimed to accelerate the EOSIO ecosystem across Asia. Many believe that this announcement was of course the first trigger for the April surge. According to an announcement made by Block.one:
“Block.one, the developer behind the pioneering blockchain software EOSIO, today announces a partnership with blockchain veterans Michael Cao and Winnie Liu that sees the formation of a new US$200 million joint venture fund, EOS Global. EOS Global will make strategic investments in Asia-focused projects utilizing EOSIO, and is the fourth injection of capital through Block.one’s EOS VC initiative which now totals 600m USD.”
“The new fund follows announcements of EOS VC partnerships with Finlab AG, Galaxy Digital, and Tomorrow Blockchain Opportunities. Block.one has made an initial commitment to deploy US$1 billion in partnership with leading venture capital investors to support development on the EOSIO platform. The EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO.”
This announcement clearly had a huge impact.
Sadly, the April surge was short lived, by May EOS had moved back down towards $17.00, before closing the month at $12.00, a whole $10.00 shy of that all time high set during April. May did see some big developments within the EOSIO software, such developments eventually led to the launch of a bug bounty - a programme established to encourage ethical hacking in order to pay external developers to hack and test the integrity of the softwares security protocol.
According to the Block.one announcement:
“The Block.one Bounty Program is designed to leverage community involvement and put us ahead of the curve on any potential security vulnerabilities relating to the software. The program allows third parties to benefit from reporting bugs that pose a risk to the functionality of the core software. It utilizes monetary rewards for skilled third-party ethical hackers and researchers who are able to identify such weaknesses before they are exploited.”
July - 2019
The rest of the year saw a bear trend pull a huge chunk of value out of EOS. As the year drew to a close, many EOS investors have been left kicking themselves as it seems that both January and April did present the best buyout opportunities. Moreover, those who brought in during these periods may too be feeling a little deflated. That aside however, we are still optimistic that EOS will rise again.
EOS exists as a solution to many of Ethereum’s problems, which means as cryptocurrency adoption becomes more mainstream, people are going to seek out alternative technologies to the market leaders. Sadly for EOS though, they do have the likes of TRON to contend with.
Block.one are continuously evolving and developing the EOS platform, therefore we are excited to see what 2019 will bring for EOS, it’s currency and the EOSIO platform.
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