On the 16th of April, the price of EOS rose vehemently to a new all-time high of $8.49 and based on the current trend of the market, there is a possibility that the rally will not stop soon.
EOS made the news headlines initially during its crazy ICO (Initial Coin Offering) in 2018 where Block.one, EOS’ Parent company made a record fund of $4 billion to develop the software called EOSIO. In the previous three months, the market has been favourable for the token as the market value has nearly tripled.
Based on the data from Trading View, since the altcoin traded at its lowest price of $2.43 as of January 27, the price has rallied to the upside and has gained about 245% to set a new all-time high of $8.47 on the 16th of April.
There could be three reasons for the price surge of EOS since January, and they include the new PowerUp Model upgrade for EOS, the release of the new software by Block.one named EOSIO testnet and the announcement of a partnership with Google Cloud to use its product to further the integration of cloud storage and computing with the distributed ledger technology.
The price rally of the EOS altcoin picked up full time in January as the integration of the new PowerUp Model for EOS, which was designed to better the allocation of resources, was introduced.
In this new model, the network users can choose to pay just a small fee to power their account for about 24 hours with the NET Bandwidth and CPU that can be used to process the transaction needs. They can also deposit the fallowed tokens in their wallets to get a percent of the power-up charges that the EOS public Blockchain generated.
Another important reason for the momentum of the altcoin is the EOSIO Testnet that was released on the 1st of April. This boosted the confidence of the members of the community following the departure of the Chief Technical Officer of Block.one and the creator of EOS, Dan Larimer.
Google Cloud Partnership Sustain and Fuel the Momentum
Adding to the reason mentioned above, the price of EOS was boosted when an article about the collaboration with EOS was posted on the Google Cloud’s platform.
Considering the acceptability of Google, establishing a robust relationship with such a company increases the validity of the Block.one company and the EOS Altcoin.