Day: April 30, 2018

It has been a while since people actively discussed the NEO price. Thanks to all of the current positive momentum, that situation will come to change fairly quickly. Even though the NEO price did not hold on to the $90 price level, it seems the overall uptrend over the past week still remains in place. Especially now that Bitcoin and Ethereum are recovering a bit as well, things look pretty good for this altcoin.

How High can the NEO Price Really go?

As is always the case when it comes to cryptocurrency price speculation, there are no certainties. With Bitcoin suffering from a brief dip this morning, there were some concerns as to what the future would hold for most cryptocurrencies. So far, it seems the dip has been bought up again, and the uptrend will be resumed for quite some time to come. This also spells good news for the NEO price, which continues to appreciate in value as we speak.

To put this into perspective, the NEO price has attempted to reach $90 on multiple occasions in the past seven days. Earlier attempts were rejected and even result in a temporary dip below $70. Ever since that time, the uptrend has been resumed and culminated in a jump to $91.8. Holding on to that price level proved to be a bit too much, though, and the NEO price is now attempting to reclaim the $90 level in the coming hours and days.

As of right now, the NEO price sits at just under $88 thanks to another 12% gain over the past 24 hours. The altcoin has also gained 11.96% on Bitcoin, which is always interesting to keep an eye on. If this trend remains in place, surpassing $90 again shouldn’t be all that difficult. Unfortunately, the cryptocurrency markets remain volatile first and foremost, and anything can happen in this industry when people least expect it.

Thanks to $622.115m in 24-hour trading volume, the demand for NEO appears to be more than genuine at this stage. Cryptocurrency markets are in a good place right now, and the slow but steady uptrend is a more favorable approach compared to the madness in late 2017. While it remains unclear if the NEO price will reach a new all-time high this year, the current trend appears solid and should lead to some fireworks moving forward.

Most of the NEO trading volume originates from the Binance exchange, which represents  24.7% of all trades in the past 24 hours. Even so, Upbit has the pair with the most volume in terms of its NEO/KRW offering. Bitfinex and OKEx are also in the top five, which makes for an interesting mix of exchanges.  With two fiat currency pairs in the top five, this NEO price uptrend might remain in place for some time to come.

As is always the case in the cryptocurrency world, making accurate price predictions is guesswork more often than not. Despite the current bullish momentum, there is no guarantee the NEO price will retake the $90 level at some point in the future. Common sense seems to indicate that will be the case, but holding onto that price level may prove to be rather challenging, for obvious reasons. For now, the positive momentum is firmly in place, but things can always turn around on a dime.

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Given all of the cryptocurrency momentum we have seen in the past few weeks, it is not entirely surprising to see most markets cool off a bit. Especially the EOS price is taking a massive beating right now, which is not entirely surprising. The project has seen a massive value increase over the past few days, even though the underpinning technology is far from production ready.

EOS Price Correction was Direly Needed

It has been a crazy end of April for most of the cryptocurrencies out there. With Bitcoin and most altcoins going up in value by anywhere between 20% and 65%, it is only normal a price correction would set in sooner rather than later. For the EOS price, that correction may get pretty steep, as this currency has seen the highest gains or any cryptocurrency on the market. The only logical outcome is how it will also see the biggest correction of all currencies, although the jury is still out on that one.

With the EOS price losing 14.07% in value over the past 24 hours, things are not looking great for this altcoin. At the same time, the EOS price still sits comfortably above $18. Whether or not that is overvalued, remains to be determined, as the testnet for this project is the only major development to date. With no live net, live applications, or real-world use cases for this blockchain and its smart contracts, the current valuation makes zero sense to level-headed cryptocurrency enthusiasts.

It is also worth noting EOS is losing ground against both Bitcoin and Ethereum as of right now. With a 12.44% loss over Bitcoin and a 14.02% loss over Ethereum, the downtrend for EOS is in full effect. If this trend remains in place, the EOS price will undoubtedly drop to $15 and potentially even lower. That would also push its market cap to below $15bn again, which may still be extremely overvalued for the project in its current state of “usability” or lack thereof.

One thing that is rather impressive about EOS is how it generates over $4.7bn in 24-hour trading volume. Although over half of this volume is mainly driven by hype and FOMO rather than genuine interest in what the EOS project has to offer, it is still a noteworthy development regardless. Very few cryptocurrencies can generate such a volume, which certainly makes EOS a currency worth keeping an eye on moving forward.

As one would come to expect, South Korean exchanges play an integral role in the EOS trading market. Both Bithumb and Upbit generate over $650m in 24-hour trading volume, albeit neither of these platforms has the highest volume as of right now. Instead, that title belongs to OKEx’s USDT pair for EOS, which generated just over $782m in 24-hour trades. Huobi and Bitfinex complete the top five, albeit in less spectacular fashion than one might expect.

Whether or not the EOS price will recover quickly or continue to go down, is very difficult to predict as of right now. Both options are more than viable, and most people will agree EOS was due for a price correction at some point.  Such spectacular gains can never go unpunished in the cryptocurrency world, for obvious reasons. It is unclear if this is just profit taking or people effectively dumping, but time will tell what the reasoning behind this current bearish pressure is.

A lot of people keep an eye on the EOS value as of right now. For a project without a working mainnet, its valuation is astronomical. So much even that the project is now valued higher than SpaceX was back in 2017. Speculation is a very real trend in cryptocurrency, but the real value of EOS is a lot different from its current market cap.

Hype and Speculation Push the EOS Price

As is the case with most other cryptocurrencies, hype and speculation play an integral role. This is especially true where most of the so-called altcoins are concerned. Bitcoin is still the top cryptocurrency because it works as people would expect. It’s not the perfect solution either, but it has been around for over nine years. Despite its appeal, things have not been easy-going for Bitcoin.

Prior to February of 2017, Bitcoin did not have a market cap of $17bn. That is surprising, yet it shows it took the world’s leading cryptocurrency years of hard work. EOS, on the other hand, has reached that valuation in under a year. A feat of strength, but also an unrealistic one given its lack of a working live product. That doesn’t mean EOS is worthless by any means. However, it does not come close to holding a candle to Bitcoin, Ethereum, Litecoin, or even XRP in terms of maturity.

The biggest development for this project to date is the launch of its testnet. A major milestone for the team, but it’s still a test environment first and foremost. There is no live network outside of a controlled environment for EOS as of right now. Nor will there be one until the EOS testnet has been put through its paces. Barring any groundbreaking bugs being discovered, the live net will become a real thing in the near-ish future.

What is the Real value of EOS?

Similar to most other cryptocurrencies, EOS is worth what people are willing to pay for it. This is a free and open market decided by market makers and market takers. If users are willing to pay $18 or more for a token associated with a non-working product in the real world, that is their prerogative. It doesn’t mean them right or wrong, but it is only normal others start questioning the speculation associated with this project.

There is no value pic.twitter.com/LpiPOAGoUX

— Cryptoku Saki (@CryptokuSaki) April 13, 2018

No one will deny this project has some interesting selling points. It will seemingly provide better scalability and focus on consumer usability. There’s also the DPoS algorithm which is of great interest. So far, these are all still empty promises, as no one can use this technology in the real world other than through a testnet. There are no “live” applications or use cases for EOS as of right now.

Most investors also tend to overlook the centralized nature of EOS. It’s not as bad as most tech companies, but there are just 21 simultaneous block producers. That is a very worrisome development, albeit possibly a necessary evil. More competition in terms of blockchain and smart contracts is a good thing. However, until EOS goes live, it is still mainly built on hype and expectations. So far, its current market cap seems to reflect that rather perfectly.

The post EOS is Valued Higher Than SpaceX Despite Not Launching Mainnet appeared first on NewsBTC.

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