Sometimes key updates can lead to considerable gains in a cryptocurrency and that is what happened with EOS on Thursday.
The blockchain space is now pretty crowded with a wide range of projects and hence, frequent upgrades to protocols are necessary in order to stay competitive. The EOS cryptocurrency has rallied by as much as 100% since May 5 and it is primarily due to an upgrade to the protocol.
The protocol upgrade is quite important considering the fact that it is going to raise the inflation rate of the project. However, that is not all. The staking rewards are also expected to rise in the protocol. A rise in staking rewards often leads to considerable interest in cryptocurrencies and that is what seemed to have happened with EOS in recent days. At this point, it might be a good move for investors and traders to keep an eye on the EOS price action.