The EOS Vs Ethereum debate. The last week of April saw an unexpected selloff in the cryptocurrency markets but EOS has largely escaped unscathed. EOS burst to the limelight as soon as the markets opened for trading this year with price gains that contrasts sharply with the general weakness in the cryptocurrency markets. Branded as “the most powerful infrastructure for building decentralized applications” EOS is operating in the same market space as Ethereum.
The more interesting part however is that EOS is intent on stealing market share and market dominance from Ethereum – and it’s mainnet isn’t even live yet.In the year-to-date period, EOS has seen its trading price climb by around 115%; in contrast, the trading price of Ethereum has declined by 11% within the same period. The EOS VS Ethereum debate is probably one of the most polarizing issues in the cryptocurrency markets right now. This piece provides objective insight into both sides of the argument.
EOS Vs Ethereum
EOS Just Overtook Ethereum in trade volume
One of the biggest cryptocurrency news stories in the market right now is that EOS has surpassed Ethereum in terms of 24-hour trading volume. In simpler English, the number of EOS transactions has effectively outpaced the number of Ethereum transactions.Traders looking to buy EOS will be glad to know that market interest in EOS is surging in tandem with the increase in its price. The market interest will continue to enhance its liquidity going forward.
From the chart above, EOS is now the second largest cryptocurrency by trading volume as it overtakes Ethereum to stand behind Bitcoin. Now, EOS has direct 24-hour trading volume of $240.56M while Ethereum has 24-hour trading volume of $238.33. More so, EOS has total 24-hour trading volume of $1.21B while Ethereum has total 24-hour trading volume of $840M.
Here’s what critics think about the EOS VS Ethereum debate
EOS has booked a rapid and impressive rally to limelight, but many critics are worried that EOS might be slightly overvalued. For one, the fact that EOS’ platform is not yet live on a mainnet provides execution risk – it’s hard to say one way or the other if EOS will be able to deliver on its many lofty promises. EOS’s proposed delegated proof-of-stake (DPoS) consensus architecture remains largely unproven; hence, there’s the possibility that it might need to work out some kinks when it eventually goes live.
However, there’s the risk that some of the people buying EOS are responding to FOMO in the hopes of catching the rally. Hence, those buying EOS without fully understanding its technology might jump ship at the first sign of trouble – such arush for the exit could in turn trigger a selloff in the token.
Critics are also quick to point out the fact that EOS is still relatively new while Ethereum has build a community and thriving ecosystem around its platform. Ethereum was built slowly and steadily over the years; hence, it’s blockchain has some inherent stability that might be lacking in EOS.
The worst part is that EOS investors appear to be a fickle bunch. EOS crashed about 20% two weeks ago when news broke about errors in some contracts on EOS. Many people mistook the news for problems with the EOS platform; hence, the massive plunge. The freefall in the cryptocurrency only stopped after the release of clarifications that the miscode was with some contracts and not the EOS system in its entirety.Follow us on Social Media: