Investors in cryptocurrency were in for a surprise today after EOS overtook Litecoin’s [LTC] position on the cryptocurrency charts. At press time, EOS was placed 5th on CoinMarketCap, while Litecoin was on the 6th position.
EOS and LTC were running neck and neck from 26th May, when EOS’s market cap was $6.30 billion, while Litecoin’s was $6.90 billion. However, at press time, EOS’s market cap was at $7.38 billion, while LTC’s at $7.12 billion.
There are speculated to be a few reasons behind EOS’s price pump. According to a tweet, Blockone has purchased 3.3 million EOS worth of RAM. The tweet ended with the question, “Are they deploying a product June 1.” Exchanges like OKEx have also been tweeting about the Litecoin halving, which is going to happen in about less than 70 days.
— EOS New York (@eosnewyork) May 27, 2019
— OKEx (@OKEx) May 28, 2019
It is speculated that the Blockone purchase and the Litecoin halving could be the reason behind the flip in their respective positions on CoinMarketCap. However, if so, this would a reversal of historical trends which usually entail a coin gaining in the face of impending halving.
The 24-hour trading volume for EOS was $3.99 billion and the market cap was $7.07 billion.