Why did EOS briefly drive out Litecoin and become the #5 on Coinmarketcap?

The digital currency EOS (sometimes the media calls it a token) has become number five on Coinmarketcap, the service widely used to check cryptocurrency capitalization and price motion updates.

The previous fifth most capitalized cryptocurrency Litecoin has moved to the sixth place. But the status quo has been restored 20 hours after this change in the list. At the press time, EOS has returned to the sixth place.

This temporary change indicates that investors who made this possible were driven by a particular event. CNBC implies that this was likely the announcement about the very prospective collaboration of EOS developer Block.one with Galaxy Digital, Michael Novogratz’s enterprise, although mentions that this agreement had become known to public several months ago.

EOS might have shown such a good performance simply due to the overall market sentiment reversal which has already helped Ethereum to regain the lost price of $500. The trading bot activity is also not excluded.

The main feature of EOS is the Delegated Proof-of-Stake protocol which has already attracted FinLab AG. Block.one intends to launch a joint fund with this organization like it did with Galaxy Digital.

Image courtesy of Nikita Landin