The cryptocurrency market surged on Sunday evening through Monday morning following a weekend of relative inactivity. Bitcoin, the flagship cryptocurrency led the pack that saw the entire market cap gain an extra $20 billion, as Bitcoin accounted for at least $15 billion.
However, Bitcoin retreated following its price rally that saw it flirt with the $9,000. It is currently trading at $8,716 according to data provided by CoinMarketCap.
As expected, the altcoin market was slow to respond to Bitcoin’s rally but it soon followed suit. Litecoin, Bitcoin SV and EOS have been rallying for the most part in the past 24 hours with EOS leading the altcoin market with a solid 16% gains in the last 24 hours.
EOS’ gains are even impressive if you factor in the price action over the last 48 hours that have seen the dApp platform rally gain about 28% to register yearly highs of $8.05 as of Tuesday morning figures.
EOS is the only coin on the top 20 coins with double-digit percentage gains on the Coinmarketcap list. Even better, the coin supplanted Litecoin from the 5th position with a market cap of $7.4 billion as compared to Litecoin’s $7.1 Billion.
So what is causing EOS to rally?
A couple of things could be the reason for the wild dash to yearly highs. First of all, last week on May 23rd, the Chinese Center for Information and Industry Development (CCID) released its monthly list of the most innovative blockchains and EOS was still leading.
The EOS blockchain has been ranking first position since June 2018 when the EOS blockchain launched on Mainnet. Joining it on the top five most coveted positions was smart contract counterparts Tron and Ethereum with two new entrants Steem and Ontology.
Bitcoin, which has ‘traditionally’ posted dismal rankings, jumped two positions this time to rank 12th.
The report stated that:
“The[se] results show that the world’s three major dApp platforms —EOS, Tron, and Ethereum — remain ranked in the top three, [and] the scores are 148.5, 144.1 and 136.6. (Bitcoin scored 101.1 points).”
Another more likely cause of the recent EOS price surge will be the highly anticipated June 1st event dubbed #B1 that will be hosted by EOS’s lead developer Block.one.
The EOS community is expecting some major announcements on this day. Block.one has even set up a special website section just for people to subscribe to the event. On the website, Block.one has posted the recently obtained Trademark MEOS which describes s service eerily similar to a social media platform.
Part of the description of the trademark says:
“providing temporary use of non-downloadable web and mobile application software for virtual community, social networking, photo sharing, electronic media sharing, and encrypted or otherwise secured messaging and media transmission; computer services, namely, creating online virtual communities for users to organize groups and events, participate in discussions, and engage in social, business, and community networking;”
This explains why most analysts are expecting Block.one to launch a social media platform on the EOS blockchain. If this is the case, the launch of a social media platform will catapult the price of EOS coins severalfold, an event for which speculators are preparing by purchasing EOS coins as many as they can get their hands on.