EOS Crypto-currency for market capitalization for the first time in history exceeded $ 9 billion, rising by 40% at the same time as the South Korean crypto-currency market is recovering from excessive fears about a possible ban on cryptocurrency trading.
The popularity of EOS in South Korea
In the last 48 hours, the crypto-currency market is struggling to recover from the correction caused by South Korea’s Minister of Justice Park San-Ki’s announcement that the ban on crypto-trade has been abolished, supported both by the Ministry of Strategy and Finance and the Blue House, the executive office of President Mun Jane.
In connection with this event, many crypto-currencies, such as Zcash, Qtum, Monero, and EOS, concentrated on the South Korean market by more than 50%, significantly increased in price.
EOS has gained popularity in the South Korean market due to cheap tokens and an ecosystem similar to Ethereum. Built on the protocol Ethereum EOS allows you to operate decentralized applications with a flexible and scalable network. The EOS token costs about $ 11, which is much lower than the price of the Ethereum token – $ 1,260.
Many newcomers in the world of trading often base their opinion on the potential for growth of the cryptocurrency at the price of its tokens, and not on market capitalization. For example, many investors in South Korea believe that Litecoin costs more than Ripple, since Litecoin costs more than $ 250, while Ripple costs less than $ 3.
Crypto-currency trader Squeeze:
“For new investors in the cryptocurrency: look at the market capitalization, and not at the price of the coin. Capitalization allows us to assess the potential for further growth. The price of a coin does not mean anything because all altcoins have different numbers of coins. The price of a coin at $ 0.1 does not mean that it is cheap, and the price of $ 100 does not mean that it’s expensive. “
However, the vast majority of investors in markets such as South Korea still do not understand the concept of market value, and therefore they estimate the crypto-currencies at the price of tokens. Because of this, EOS is so popular in South Korea, because it has the same functionality as Ethereum and Cardano, but the price of its tokens is lower.
At the moment, Bithumb, the world’s second-largest crypto exchange, located in Seoul, serves about $ 1.3 billion of EOS, the second by the volume of trade in South Korea. The volume of EOS trade on Bithumb exceeds that for Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero, Dash and Zcash combined.
In the short term, crypto-currencies, which are very popular in South Korea, such as Monero, EOS, ZCash, Qtum, Ripple, and Ethereum, are likely to grow significantly due to the general trend towards recovery after correction.
Ripple and Ethereum also have a large community in South Korea, which largely determined their rapid growth in recent months.