A cryptocurrency with ties to former hedge-fund manager Michael Novogratz has surged past litecoin into fifth place by market capitalization.
CoinMarketCap data showed eos climbed more than 30 percent over the last 24 hours for a market capitalization of nearly $7.1 billion, topping litecoin's $6.8 billion. Bitcoin is the largest cryptocurrency by market capitalization, followed by ethereum, ripple and bitcoin offshoot "bitcoin cash." Eos was trading slightly higher on the day near $8.84 as of 10:32 a.m. ET.
Former Fortress hedge-fund manager Novogratz's Galaxy Digital announced in late January a joint venture with eos developer Block.one for a $325 million fund.
Source : CoinMarketCap
As was the case with a previous eos price surge, the cryptocurrency gains came ahead of an "airdrop" of new coins to eos holders. A group of developers who also claim involvement with the eos project are planning to distribute one eosDAC token to all accounts with at least 100 eos tokens at 1 a.m. UTC April 15, or 9 p.m. ET Saturday.
Eos is a cryptocurrency for a platform set to go live this summer called eos.ios, which proponents expect could be better than ethereum in many ways and potentially bring on much greater adoption of cryptocurrency-related technology.
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