The price of

EOS

$1.04

is in the double digits for the first time since mid-2018 after a parabolic advance that began back in March.

According to data from CoinGecko, the 20th-ranked cryptocurrency by market capitalization is currently sitting above $11.50, delivering close to 100% gains over the last three days.

First, the current EOS upward advance is occurring at the intersection of two unique price trends. On the one hand, the EOS/USDT trading pair is at the top of the range for 2021, while the token price against Bitcoin 

BTC

$22,955

 fell to its lowest level in three years back in early March.

As of the time of writing, the EOS/BTC price action chart has broken an almost three-year downtrend, signaling the possibility for significant upward movement.

Secondly, with Bitcoin dominance continuing to slide amid massive altcoin gains, the market cycle appears to have large-cap tokens on the ascendency. Indeed, major alts like Bitcoin Cash 

BCH

$128

, Ethereum Classic 

ETC

$22.15

, Chainlink's LINK and Polkadot's DOT have experienced rapid price surges.

These altcoin gains have been further boosted by Ether 

ETH

$1,653

 setting new all-time highs.

EOS is following the pattern, gaining enough momentum to show significant price action strength against Bitcoin. As of the time of writing, the EOS/BTC trading pair is up 76% in the past 24-hour trading period.

A third likely reason for the EOS breakout can be attributed to the recent staking rewards announcement. As previously reported by Cointelegraph, the EOS community is considering a proposal to increase staking rewards.

The recommendation for increasing the staking reward was based on a report commissioned by Block.one. The proposal could be the next major development on the EOS network after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.