With EOS’ mainnet launch just around the corner, the question on people’s minds is whether it will quickly overtake Ethereum in the markets. Considering how many years EOS has been in the making, the next few days could be telling.
What could happen to EOS’ price?
Mainnet launches tend to have a positive effect on price charts for most coins. For instance, Oyster Pearl’s recent mainnet launch increased its price impressively (but unfortunately it couldn’t hold onto it). A glance at the current EOS price chart will reveal that it has experienced a handful of bull runs throughout the May and April periods. It is clear that people are genuinely interested in seeing what the coin can do when it launches, which means it is largely possible for a major bull run to occur at the time of the launch.
Note that not every cryptocurrency experiences price changes which directly correlate to good news. During a bear market, even the best of news isn’t always enough to save a coin. It could be that EOS only rises in price weeks or months after its launch.
This also means that it would take a significant effort for EOS to match Ethereum concerning market cap. Ethereum is at $58,552,563,132 and EOS is at $10,951,387,226. While toppling Ethereum is certainly possible, it is unlikely to happen any time soon.
Will people choose EOS over Ethereum?
This is a harder question to answer, as we don’t truly know what sort of demand EOS is attracting when it comes to programmers and developers. EOS may explain in their whitepaper why their software is more competent than Ethereum, but competency is only one factor in choosing a DApp. When developers pick Ethereum, they are given the opportunity to trade on dozens of high profile decentralized exchanges. They are also able to take part in other third-party tools such as 0x Project and Request Network. Ethereum is also better understood by the community, simply because it has been live for longer. Developers may feel more comfortable with it knowing that there is a larger group of programmers who can help them online.
Of course, EOS also offers features that largely rival Ethereum’s. EOS’s both horizontal and vertical scaling options make it appealing, especially as Ethereum has been shown to struggle with high-demand content like CryptoKitties. Another major feature of EOS is that it uses the programming language C++. As C++ is more well-known and better understood than Solidity, this could attract a bigger crowd too.
Overall, it is hard to say whether EOS or Ethereum will win out – both can be seen as versatile and competent projects. The situation becomes more complex when you factor in coins like VeChain and NEO which are aiming for the same audience.