Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Crypto markets show a major recovery adding $10 billion on Tuesday with Bitcoin approaching $4000. EOS becomes the steals the show with over 20% gains.
In the last 48 hours, the cryptocurrency market is showing good signs of revival. The overall cryptocurrency market cap has surged by over $15 billion. At the press time, the overall cryptocurrency market cap is $134 billion.
Bitcoin (BTC) and other top ten altcoins are showing great signs of recovery. At the press time, the world’s largest cryptocurrency has surged by 5.09% and trading at $3941 with a market cap of 68.9 billion. Thus, Bitcoin still continues to dominate over 50% of the overall crypto market.
According to the data from Coin Dance, the USD trading volume on OTC Bitcoin trading platform has reached an all-time high. Last week ending Saturday, February 16, the trading volume on LocalBitcoins quadrupled in comparison to its previous week. In the second week of February, LocalBitcoins saw traders exchange $8.4 million worth BTC tokens. While in the last week, they exchanged $31.5 million worth BTC tokens.
Also, according to CryptoCompare, most BTC trades have taken place against Tether (USDT) tokens or fiats. If the momentum continues, Bitcoin is likely to surge beyond the $4000 barrier. While that Bitcoin is showing good strength, other altcoins have also joined the party.
On Monday, February 18, Ethereum led the market surge with over 10% gains in a single day. Even today, Ethereum (ETH) is doing pretty well. At the press time, ETH is nearly 8% up trading at a price of $148.8 with a market cap of $15.6 billion.
On the other hand, XRP showing 8% gains today and trading at a price of $0.33. XRP continues to hold its third position with a market cap of $13.68 billion.
EOS – The Show Stopper
However, if there’s any cryptocurrency which is the show stopper for today, it’s EOS. The altcoin has surged over 20% to make its spot in the top five cryptocurrencies beating the likes of Bitcoin Cash and Litecoin. At the press time, EOS is the fourth most powerful digital currency trading at $3.62 with a market cap of $3.19 billion.
Today’s massive gains in EOS price comes with its creator – Block.one – providing further clarity on its roadmap. Block.one CEO Brendan Blumer addressed a few concerns of the EOS community on his Reddit account. The EOS community has been eagerly waiting for the technology updates from the Block.one team. However, CEO Blumer has requested the community members to show more patience. Blumer stated:
“Great things take time; parallel teams need to be built to deliver new products without sacrificing the progress of existing business units, and that means hiring new people which comes with time limitations that can’t always be shortcut with capital”.
He also added: “the EOS community’s justified excitement has led to unrealistic expectations to simultaneously deliver protocol upgrades, introduce revolutionary new mainstream consumer applications, and take responsibility for optimal decentralized governance”.
Blummer also stated that he can’t always be communicating about the progress hinting that he has a lot of tasks to be done for product development. Blummer also noted that he is likely to go silent until they release their next product.