Altcoin EOS Joins Top Crypto League, Surges 321 Percent After ICO Launch

Last week’s season of mourning saw gloomy markets that were inspiring only fear and panic in Bitcoin and altcoin communities, in particular for those who have not been in the crypto space for long. But this week has begun on a bright note with the green days coming back as most of the tokens have recorded growth.

On top 10 cryptocurrencies, for instance, only two tokens continued to fall.

But the biggest surprise was a new entrant to the top echelons. EOS in a fairytale manner growth jumped more than 300 percent to occupy the number nine spot on CoinMarketCap early morning on Monday.

The decentralized business application Blockchain in the process pushed Monero to number 10 resulting in BitShares losing top notch status. In Cryptoland such astronomical growth has been seen so many times... Needless to say, they just pass with the wind and becomes a nine-day wonder.

Meteoric rise

This catalytic move comes at a time where EOS is ending its first 350 consecutive 23-hour  token sales in a few hours. At the time of filing this report on Monday morning, two mln tokens have already been distributed.

However, the sale of the total of one bln tokens will continue on the Ethereum network for a period of 341 days. According to Block.one, the company behind EOS, the extended period of token sales is to render adequate time for the community to familiarize themselves with the project, as well as participate in the distribution.

With an incredible 321.67 percent growth, EOS token was selling for $5.40. This actually brought its market valuation to more than $800 mln. The digital currency was first listed by Bitfinex in June, a few days before launching its token sale.

Hype? Don’t think so

Meanwhile, Cointelegraph reached out to some members of the crypto community on Bitcoin PowPow for their opinion on EOS's sudden magnificent growth. For Priyabrata Dash it is more of a hype.

But David Mondrus of Trive has a lot of admiration for one of the founders of EOS. "I like anything Brock touches, but I know nothing about the details," David said, referring to Brock Pierce, co-founder of block.one.

We will definitely reach out to the EOS team and update our readers about this unique project.