EOS price (EOS/USD) posts significant gains following late Wednesday spike

The EOS price (EOS/USD) has seen significant gains on Thursday, capitalising on the strong momentum it gathered in yesterday’s late trading.

The digital currency experienced a rocky Wednesday session, as its momentum was hampered by heavy price fluctuations. The virtual coin had a strong start to the session, rising to an intraday high of $12.58, from an opening level of $12.18. However, the token saw a significant drop in the afternoon portion of the trading, falling to as low as $11.81

The sharp decline was likely driven by media reports, suggesting that the EOS development team might delay the June 2 launch of the EOS mainnet following the recent discovery of “epic” security flaws in the platform by Chinese internet security firm Qihoo 360. However, the EOS developers subsequently denied the rumours, which likely helped the cryptocurrency to rebound in late Wednesday trading.

“Media has incorrectly reported a potential delay in the release of EOSIO V1 due to software vulnerabilities,” the team wrote yesterday on Twitter. “Our team has already fixed most and is hard at work with the remaining ones. EOSIO V1 is on schedule; please stay tuned to our EOSIO channels for official information.”

The EOS price managed to regain some of its losses thanks to a spike that occurred just before the end of yesterday’s session. The cryptocurrency finished the day at $12.01, but it continued to surge during the early hours of today’s trading. While the initial spike was followed by a brief pull-back, the cryptocurrency has resumed its advance in more recent trading.

As of 10:40 BST, the EOS price stood at $12.38, up 0.45 from the same time yesterday. According to data from cryptocurrency tracker Coinmarketcap, the coin’s total market capitalisation currently stands at just over $11 billion. This makes EOS the fifth-largest digital currency on the market.