The EOS price is in double digits for the primary time since mid-2018 after a parabolic advance that began earlier in March.
In line with data from Coingecko, the 20th-ranked crypto by market capitalization is presently trading over $11.50 USD, delivering on the brink of 100% gains over the past 3-days.
Primarily, the present EOS upward advance is happening at the intersection of two unique price trends. On the one hand, the EOS/Tether [USDT] trading pair is at the highest of the range for 2021 while the token price against Bitcoin [BTC] fell to its lowest level three years back in earlier March.
As of the time of reporting, the EOS/BTC price action chart has broken an almost three-year downtrend signaling the likelihood for significant upward movement.
Secondly, with Bitcoin dominance continuing to slip amid massive altcoin gains, the market cycle appears to possess large-cap tokens on the ascendency. Indeed, leading altcoins like Bitcoin Cash [BCH], Ethereum Classic [ETC], Chainlink [LINK], and Polkadot [DOT] have experienced rapid price surges.
These altcoin gains are further boosted by Ethereum [ETH] setting new all-time highs.
EOS is following alongside the pattern, gaining enough momentum to point out significant price action strength against Bitcoin. As of the time of reporting, the EOS/BTC trading pair is up 76% within the last 24-hour trading period.
A third likely explanation for the EOS breakout is often attributed to the recent staking rewards announcement. As reported earlier, the EOS community is considering a proposal to extend staking rewards.
The recommendation for increasing the staking reward has supported a report commissioned by Block.one. The proposal might be subsequent major development on the EOS network after the PowerUp model that permits users to pay a one-time transaction fee for twenty-four hours.