At the time of writing, EOD’s price is trending downwards. Currently, the token sits at $1.003, with a market cap of $1,080,792,810 (down 0.26%) and a trading volume of $91,454,307 in the last 24 hours (down 33.53%).
While the cryptocurrency started December trending positively and growing back from its November slump, its rise has seemingly reversed.
Let’s take a look at what’s happened, and where the coin is going.
Technical Analysis
The performance of EOS in December has been similar to that of many other cryptocurrencies for the month, but much more positive.
EOS started trending upwards during the last week of November, and has mostly continued to rise, with a few downward slumps.
EOS’s performance in December has mostly trended upwards, and it’s possible it reaches $1.1 by the end of the month. Chart by CoinMarketCap.
These price fluctuations have taken the coin higher than it was last month, even at its lower points during December. EOS’s price increased by 11.2% in the last month, adding an average amount of $0.113 to its current value.
While the crypto market is still timid, things are looking good for EOS in particular.
We believe that EOS will reach $1.05 by the end of December 2022 based on price fluctuations at the beginning of December. There is a possibility that it will trade at $1 at its minimum and at $1.08 at its maximum. The coin is unlikely to dip under $1 unless the crypto market in general undergoes major shakeups.
As for next year, based on the prices of EOS in previous years, it is estimated that the minimum price of EOS in 2023 will be about $1.5. EOS may reach a maximum price around $2 next year, specifically towards the middle of the year or in late spring. Trading prices in 2023 might average $1.5 on average.
2023 in general is a bit nebulous when it comes to predictions, as the crypto market could see significant recoveries from previous slumps, but could just as easily dip back again if more events occur that undermine the confidence of investors in the market.
EOS Analysis Conclusion
EOS started December in a much healthier place than last month, however, it started trending downwards halfway through the month, but the performance has nonetheless mostly been positive, which we believe will continue to be the case. It’s unlikely that the token will dip below $1 again, but it will probably remain around that price point. If the current trend continues, it could go back up to $1.1 by the end of December, then slowly shift upwards towards $1.5 during early 2023, and $2 by half April.
How Does EOS Work?
A decentralized blockchain, EOS, aims to enable transactions to be processed super fast and free of charge, as well as support smart contracts.
It provides out-of-the-box services such as cloud storage, user authentication, and server hosting to function as an operating system. The purpose of this is to make the development of dApps simpler. One important requirement is that in order to access the EOS blockchain and its resources, the developers need to hold EOS. However, they don’t need to pay EOS.
Ethereum and EOS are similar in some ways. Smart contracts can be used to build dApps on both platforms. A notable difference between EOS and Ethereum is that EOS can process thousands of transactions per second while Ethereum can process only 15 transactions per second. By adding an extra layer on top of Ethereum, EOS solves the scalability issue. However, this also means that EOS’s market value will always be linked to Ethereum’s.
Is EOS Better than Ethereum?
According to some, EOS is the “Ethereum Killer”, thanks to its additional capabilities, but that remains to be seen.
In the world of smart contracts, Ethereum and EOS are two of the most popular open-source decentralized blockchains. By market capitalization, Ethereum is the second largest cryptocurrency. One major advantage of Ethereum over EOS is its implementation of a proof-of-stake consensus mechanism. However, Ethereum may lose its position as the ultimate platform for decentralized applications if it does not achieve low transaction fees.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
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