EOS (EOS) Edges Out Litecoin (LTC) From The Number 5 Spot
‘Is Litecoin (LTC) dead?’ ‘No. EOS (EOS) seems to be on steroids in the markets.’ The aforementioned words were part of a conversation on Telegram between myself and one of my crypto trading buddies less than an hour ago. Looking at the markets, EOS (EOS) is holding a good lead over Litecoin (LTC) with respect to market cap. EOS has seen a 31.78% value jump and is currently trading at $8.76. The EOS jump has been gradual in the last 24 hours, unlike Bitcoin’s that has happened in a span of less than one hour. One hour that is still causing awe in the Crypto-verse.
EOS’s market cap is higher than that of Litecoin by approximately $272 Million at the moment of writing this. This lead has enabled EOS to hold the number 5 spot behind regular competitors of Bitcoin, Ethereum, Ripple and Bitcoin Cash in their respective order on coinmarketcap.com
What could be the reason for EOS’ good run in the last 24 hours?
Firstly, and with respect to Litecoin (LTC), the coin and project has been bombarded by bad news and FUD for quite sometime now. From the news that Charlie Lee had sold all his Litecoin back in December, 2017; to Charlie being accused of pumping and dumping LTC for profit. He clearly defended himself by saying that he needed to focus more on the project rather than the price of LTC in the markets.
The final nail in the coffin for Litecoin seemed to have come when Litepay did not launch on February 26th with news of a postponement. Later on the project was cancelled completely. Charlie later apologized for the Litecoin team not doing its due diligence during the Litepay project. However, all is not lost for LTC for it has since partnered with Abra but the full effects of this partnership have been diluted by the Litepay saga.
On the part of EOS, a few reasons could be pumping the coin.
Firstly, the EOS project recently released EOSIO Dawn 3.0 on Github. This is in anticipation of EOSIO 1.0 that is expected to grace the Crypto-verse in June this year. EOSIO 1.0 is anticipated as being the most powerful platform for building decentralized blockchain applications and is sure to challenge Ethereum for the title of platform of choice for Decentralized Applications and Smart contracts.
Past market performance of EOS can also be the reason behind the sudden rise of the token in the last 24 hours and its ability to dethrone Litecoin from the number 5 spot. Back in January 13th, EOS enjoyed a $18.16 value in the markets and seemed destined for great things with the backing of a large and dedicated online community.
Perhaps it is time EOS became the new Ethereum as both a platform of choice for decentralized applications and at the number two spot in the markets.