EOS Climbs To Fifth-Largest Cryptocurrency By Market Cap, Surpassing Litecoinbr>
EOS is now the fifth-largest cryptocurrency by market capitalization, bypassing Litecoin in the last month. The final surge upward occurred over the last 24 hours, as EOS gained more than 30 percent to top $7 billion in market cap, just above Litecoin’s $6.8 billion.
The upward tick arrives in advance of an airdrop of new tokens to existing EOS holders. The tactic is used by developers of new coins to build interest in their product, granting free tokens – essentially, free money – to existing holders based on the volume of their current holdings. In the case of EOS, the free coins are from eosDAC, which plans to give one eosDAC token to all accounts with at least 100 EOS tokens as of 9 PM ET on Saturday.
EOS is a component of eos.ios, a platform for developers that is expected to go live in a few months. It is seen as a challenger to ethereum, currently the blockchain of choice for most projects. Ethereum has security and scaling issues which have knocked it backward since the beginning of the year.