Why is EOS going up? The EOS cryptocurrency keeps rising in 2021

The EOS cryptocurrency has seen massive gains over the past 24 hours of its trading cycle. The cryptocurrency went more than 50 per cent on Tuesday, as per the WazirX chart. In the last week of March, the EOS crypto was trading at around $3.50. At the time of writing this article, on May 12, the all-time high price of EOS has reached $14.83, as per the WazirX exchange, which is more than 400 per cent returns in a span of a couple of months. In this article, we'll look at the EOS crypto and why is EOS going up. 

Why is EOS Going Up?

As per a report by Forbes, the EOS prices surged up to 50 per cent on Tuesday. This rise in the price came after the blockchain software company Block.one announced that it had created a new subsidiary called Bullish Global. Block.one is the company behind the creation of the EOS crypto. As news spread around the crypto industry of the Bullish Global being developed by the makers of EOS, with $10 billion in funding already secured, many crypto investors chose to put their money into EOS, anticipating future gains, which only served to increase its price even further. At the time of writing this article, the EOS price stands at 

There are several other factors that are also influencing the rise in prices of EOS and many other coins. For investors following the crypto charts daily, every day newer and newer coins are gaining significant price rise. The crypto experts call this phenomenon the Alt season in the crypto community. The crypto experts believe that the crypto market works in a kind of cycle every few years. According to this theory, the crypto bull market begins with Bitcoin being pumped to new all-time high prices. 

Once Bitcoin reaches the peak, people start to invest in other cryptocurrencies which lead to almost all cryptocurrencies pumping over a period of time. The Alt season, combined with the fact that the creators of EOS are coming up with their own exchange Bullish Global, helped push the price of EOS so high. The Bullish Global project is being backed by prominent investors including billionaire Peter Thiel and other reputed investors such as  Mike Novogratz, Alan Howard, Christian Angermayer, Louis Bacon, Richard Li, as well as institutions like Nomura and Galaxy Digital. Stay tuned for more updates on cryptocurrencies. 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this websites does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

IMAGE: EOS WEBSITE