Fear and uncertainty have gripped crypto investors as they anticipate the U.S. Fed’s additional interest rate hike and the Consumer Price Index report for February. As a result, the cryptocurrency market is under pressure as bearish sentiment engulfs asset prices.
Most cryptocurrencies have yielded to the pressure from the bears since the majority are trading at losses while giving up their past-week gains. However, EOS emerged among the top-gaining coins on the daily chart today, trading at $1.27 with an 8.49% 24-hour price increase and gaining 1.54% on the hour at press time.
EOS Retains Week Gains And Records Spike in Trading Volume
The token did not only beat the bearish odds today, March 3, but it also retained its past week’s gains of 8.92%. However, considering the level of volatility in the crypto market these past few days, it is uncertain whether the token will sustain its current performance or surrender to the bears.
Observing the EOS price chart on Coingecko, the token saw a 14-day gain of above 20%. Although EOS has yet to fully recover from the 2022 bears’ pressure, as it is 94.39% down from its April 2018 all-time high, it has witnessed incredible performances these past few years of launch. Its current price is 153% higher than its all-time low price of $0.5024 on October 23, 2017.
Recent observation shows that EOS has seen increased transaction inflows, with its trading volume surging by 227.10% in 24 hours, per CoinMarketCap data. Its market cap also increased by 8.14% over the past 24 hours. EOS/USD chart shows a sharp spike in trading volume from the $225 million recorded on March 2 to $404.91 million on March 3.
Smart Contract Deployment, Upcoming EOS EVM Sustains Price
EOS is the native token of the EOS Network, a 3rd generation open-source layer-1 blockchain that prioritizes high performance, security, flexibility, and developer experience.
It is also among the networks with the most development activities. EOS Network Foundation announced its latest Smart Contract deployment on March 2. The recently deployed Smart Contract enables the programmatic (automatic) distribution of funds to the ecosystem contributors.
Aside from that, the EOS Network is also preparing for its Ethereum Virtual Machine (EVM) beta mainnet launch scheduled in April. According to the EVM roadmap, the new testnet launch will occur on March 27, followed by a security audit before the mainnet goes live on April 14.
The EOS Network recently improved the token model to use it for gas fees. This improvement brings more utility to EOS tokens while offering a seamless user experience between the EVM and EOS native blockchain. This development could partly be responsible for the token’s successive price rally since February 26.
It is still uncertain how long the token will sustain its current price gains. However, Coincodex predicted a 2.91% rise in price for token, adding that the token will reach $1.2936 by March 8, 2023.