EOS price reached double digits for the first time since mid-2018, following a parabolic rise that started in March.
According to Coingecko data, the cryptocurrency, which is ranked 20th by market cap, is currently above $ 11.50 and has gained close to 100 percent in the last three days.
The upward move in EOS price has peaked not only against the stablecoin Tether (USDT), but also against Bitcoin (BTC) since the beginning of March.
At the time of this news publication, the EOS / BTC pair broke the three-year downtrend that signaled a significant upward move.
With bitcoin dominance continuing to decline, major altcoin prices are rising. Major altcoin prices such as Bitcoin Cash (BCH), Ethereum Classic (ETC), Chainlink (LINK) and Polkadot (DOT) have accelerated upward.
Among the altcoin prices, Ether (ETH), which achieved the highest level of all time, was the name that attracted attention.
EOS continues to follow the trend in the market. It’s proof of its strength that it is gaining substantial price action against bitcoin. While preparing for the news release, the EOS / BTC pair had increased by 76 percent during the last 24 hours of trading.
Staking rewards announcement is another factor that acts as a catalyst for the spike in EOS price. EOS community is considering an offer to increase staking rewards.
The proposal to increase the staking reward was based on a report by Block.one. The offer could be the next big improvement in the EOS network after the PowerUp model, which allows users to pay one-off transaction fees for 24 hours.