Even if you are not an EOS holder, you couldn’t miss on noticing how fast EOS managed to bounce off from what seemed to be a never-ending tsunami of massive drops in the market. It seems that EOS, as it is rising up towards its progress, is also receiving recognition from external sources, and that is precisely the highlight of this story. Apparently, Insights Network (INSTAR), decided to go for EOS instead of Ethereum in order to create the INSTAR protocol, which is powered by INSTAR tokens. However, this is not the only sign that EOS is doing more than well. Let’s see what EOS has been up to these days and how come this currency is progressing at its current rate.
Insights Network and EOS
For starters, it would be good to briefly describe what Insights Network stands for. Insights Network is a blockchain-based protocol that enables easy and simple exchanging of data, so its main purpose is data exchange. This protocol is powered by INSTAR tokens and it works in a way that allows INSTAR users to earn money through data monetization while being able to achieve liquidity of data exchange in real-time. By sharing and deploying various types of data, INSTAR is helping its users to decide, on their own terms, with whom they want to share their data, while the process of monetization is supported by Insights Network that rests on EOS blockchain ledger.
Moreover, on this matter, the representative team behind INSTAR has taken the liberty to publically explain why they decided to go for EOS over Ethereum’s ledger, so they decided to publish their detailed explanation, making a public announcement on April 9th.
On this occasion, Insights Network has stated that they have debated on the requirements of their network and INSTAR token, coming to a conclusion that they are looking for a highly scalable project that is also maximally secure. They have further added that they are well aware of the fact that Ethereum is able to speed up the time taken for processing transactions, but they realized that EOS fits the needs of their token and their main objective, being both scalable and secure.
The main reason for having EOS chosen over Ethereum is the fact that they can perform any of the planned operations with INSTAR while being set on EOS, and whichever action was also to be processed through EOS ledger, they are certain that the operations within Insights Network wouldn’t be compromised in any way.
It seems that the fundamental technology used for making EOS was carefully thought through, so EOS is now ready to collect the fruits of their efforts.
EOS to Surpass Litecoin
With EOS rising up with an amazing pace of growth while gaining over 30% of rises during a period of 24 hours, it became clear that EOS is only a bit over 6% close to surpassing Litecoin in market capitalization.
Global Coin Ranking List is rating all trading cryptos by their market cap, so in case EOS climbs up for 6.25% on the existing percentage of growth, Litecoin will take its place, taking the 6th spot on the global coin ranking list, while EOS will proudly take the place of the fifth-best currency in the market.
In case this happens and EOS gets that 6.25%, this case scenario might result in pushing EOS further up to and even closer to the top.
For now, it seems that EOS is doing pretty well, and fingers crossed, we might see that additional 6.25 % happening in the next 24 hours.
EOS and the Market
After the latest change in the market, EOS is trading in the green while undoubtedly being one of the fastest growing coins. Thanks to the numerous partnerships, successful projects and support of investors, EOS is really close to climbing up from 6th to 5th spot on the global coin ranking list, which would move Litecoin down below EOS.
After the most recent change, EOS had an amazing increase of 31.28% against the dollar. In addition to this increase, EOS is also rising up against BTC and ETH while going up for 30.23% and 27.56% against Bitcoin and Ethereum.
At the current moment, EOS can be bought at the price of 7.95$ per one token. Back on January 13th, this currency set its own record price that went up to 18.16$ per one token. Although EOS is more than half stripped of its all-time high, hopefully, it would be able to bounce back up and beyond in case it continues with the current pace of growth.
In case EOS gets another 6.25% added to its market cap, EOS will take over the 5th spot on the global coin ranking list, which would consequently move Litecoin one place down.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.