EOS, which was the sixth most valuable cryptocurrency last week ranked behind stablecoin Tether (USDT) and Stellar (XLM) outpaced Stellar with a whopping 35 percent price surge from $1.94 to $2.62. EOS is currently, the 4th largest cryptocurrency by market capitalization in spite of the negative retracement from $2.62 to $2.49 at the time of writing.
The rest of the top ten coins also gained bullish momentum, with EOS, Ripple’s XRP and Stellar’s XLM leading the surge with double digit gains.
Apparently investors are driving the latest EOS rally after looking closely at the blockchain project’s decision to launch their long-planned referendum system.
The EOS referendum is one step closer to building a democratic decision-making process. Even though, not everybody is thrilled with the proposal, the announcement itself seems to have a strong bullish effect on the EOS token value.
The news that EOS will be included in the list of 30 cryptocurrencies coming to the Coinbase platform, most likely added to the bullish sentiment of the day.
For the long-term, EOS is looking to get above the $4.00 position. Given the coin is struggling to stay above the halfway mark of this, getting above $4.00 remains a prospect for 2019.
Still keeps its position as the second largest cryptocurrency is XRP with a 13 percent surge over the past 24 hours. It currently sits at of $0.32 at the time of writing and has a market cap of more than $13,325,690,900. Last week saw Ripple’s XRP token nearly hitting the four cent mark but it didn’t last long as it sank back to $0.28 during the bear markets strong grip.
XRP works hard on decoupling from bitcoin. Chief development that needs to happen for decoupling to go down is increased liquidity of XRP token through more exposure to direct XRP/fiat pairs and also more base trading pairs that use XRP. It currently has more than 300 pairs where XRP is the base trading token on exchanges:
-mdash; Elie Jeanlouis (Melanated Ventures) (@ElieJlouis) December 17, 2018
XRP also keeps dominating social media arena, winning polls right and left. Most recent one is a poll made by Julian Hosp, TenX co-founder who asked his followers if they like BTC or XRP more:
-mdash; Dr. Julian Hosp (@julianhosp) December 17, 2018