EOS price hits its highest after the Google cloud integration with the protocol upgrades, resulting in attracting big institutional investors. The price soared to a new high at $8.49 on April 16, listing its price at the highest level since 2018. The current market structure for altcoin suggests there is room for further upside.
One raising a record of $4 billion in funding to create the EOSIO software, the altcoin has nearly tripled in value in the last three values.
Data from the analytics websites shows that since trading at a low of $2.43 on Jan. 27, the price of EOS has climbed 245% to set a multi-year high of $8.47 on April 16.
There could be multiple reasons for the price surge. However the most prominent of those is the three due to which a rally in the price of EOS is observed. The launch of the new EOS PowerUp model, the release of the new EOSIO testnet by Block.one, and the announcement of a collaboration with Google Cloud are leading factors behind the surge. The collaboration with Google Cloud will advance the integration of distributed ledger technology with cloud computing and storage.
The new EOS PowerUp Model aims to improve resource allocation. The Model is about the EOS network’s solution to the issue of transaction fees, which at present is one of the major issues facing the Ethereum (ETH) network.
The new model facilitates the users with a choice of paying a small fee to power up their account for 24 hours with CPU and NET bandwidth. This can be used to fulfill transaction needs or they can receive a percentage by depositing their unused tokens of the power-up fees generated by the EOS public blockchain.
As the network congestion increases with the rise in global adoption, the acceptable solutions to high transaction costs and latency concerns are likely to attract more users who are seeking a smooth user experience.