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ATOM is up 19% in the present day.
Cosmos Returns to $30
A sluggish Bitcoin doesn’t all the time imply weak worth motion throughout the remainder of the market.
Cosmos’ ATOM token is up 19% within the final 24 hours, defying a scarcity of momentum amongst main belongings like Bitcoin, Ethereum, and Binance Coin. In response to information from CoinGecko, it’s presently buying and selling at $31.04 following a comparatively sluggish week of market exercise for the asset.
Cosmos has suffered relative to many different crypto belongings in latest weeks. Since hitting an all-time excessive of $44.42 in September, it’s constantly failed to interrupt out of resistance whereas the likes of Avalanche, Solana, and Ethereum have posted document highs.
Cosmos is getting down to turn into the “Web of blockchains.” It connects particular person neworks and affords interoperability between chains by way of the IBC Protocol. Terra, THORChain, and Secret Community all use Cosmos’ personal software program growth package and might join with each other by way of the IBC Protocol.
Cosmos is typically known as a Layer 0 community, but it surely’s additionally mentioned in tandem with Layer 1 blockchains. The crypto market has seen a growth in Layer 1 networks this yr amid rising competitors between Ethereum and different good contract networks. The second-ranked blockchain, which is presently the primary hub for the emergent DeFi and NFT sectors, noticed its ETH forex rally in the course of the first half of the yr, helped by the launch of an important price burning proposal referred to as EIP-1559. Nonetheless, the rising worth of ETH has elevated the greenback worth of Ethereum’s fuel charges, which has helped cheaper networks like Avalanche and Solana thrive. The market has rotated between the assorted Layer 1 networks in latest months, although none have come near topping Ethereum’s $545 billion market cap. It’s not clear if that’s the rationale for Cosmos’ sudden soar, or whether or not rising curiosity in its ecosystem of IBC-compatible networks is behind the rise.
After in the present day’s rally, Cosmos’ market cap is round $8.7 billion. That makes it the twenty sixth greatest cryptocurrency available on the market.
Disclosure: On the time of writing, the writer of this function owned ATOM, ETH, and several other different cryptocurrencies.
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