Share this article
ATOM is up 19% today.
Kosmos returns to $ 30
Sluggish Bitcoin doesn’t always mean weak price action in the rest of the market.
Cosmos’ ATOM token is up 19% in the past 24 hours, defying the lack of momentum among leading assets like Bitcoin, Ethereum and Binance Coin. After a relatively slow week of market activity for the asset, it is currently trading at $ 31.04, according to data from CoinGecko.
Cosmos has suffered in the past few weeks compared to many other crypto assets. It has consistently failed to break resistance since hitting an all-time high of $ 44.42 in September, while Avalanche, Solana and Ethereum posted record highs.
Cosmos wants to become the “Internet of Blockchains”. It connects individual networks and offers interoperability between chains via the IBC protocol. Terra, THORChain and Secret Network all use Cosmos’s own software development kit and can connect to each other via the IBC protocol.
Cosmos is sometimes referred to as a Layer 0 network, but it is also discussed along with Layer 1 blockchains. The crypto market has seen a boom in Layer 1 networks this year, amid growing competition between Ethereum and other smart contract networks. Second-ranked blockchain, which is currently the main hub for the emerging DeFi and NFT sectors, saw its ETH currency rally in the first half of the year, aided by the launch of a key fee-burning proposal called EIP-1559. However, the rising ETH price has raised the dollar price for Ethereum’s gas fees, which has helped cheaper networks like Avalanche and Solana to succeed. The market has spun between the various Layer 1 networks in recent months, although none have come close to surpassing Ethereum’s $ 545 billion market cap. It’s not clear if that’s why Cosmos made its sudden jump, or if it’s growing interest in its ecosystem of IBC-compatible networks that was behind the surge.
After today’s rally, Cosmos’ market cap is around $ 8.7 billion. This makes it the 26th largest cryptocurrency on the market.
Disclosure: At the time of writing, the author of that role owned ATOM, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources that we believe to be correct and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness, or accuracy of any information on this website or their access via this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be or become out of date, incomplete, or inaccurate. We may update outdated, incomplete, or inaccurate information, but we are under no obligation to do so.
You should never make an investment decision on an ICO, IEO or any other investment based on the information on this website and you should never interpret the information on this website as investment advice or rely on it in any other way. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional when seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for analysis or reporting on ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Tendermint CEO Peng Zhong reveals the future of Cosmos
Crypto Briefing meets with Peng Zhong, CEO of Tendermint, who oversees the core development team that built the critical components of the Cosmos blockchain. Insights into the cosmos ecosystem during …
Cosmos, Elrond Rally as crypto market stalls
Cosmos and Elrond outperform the rest of the market. Kosmos, Elrond Defy Market Slump While Bitcoin and Ethereum are in decline today, several other assets are rising rapidly. Cosmos and …
MDEX: Overlooked decentralized exchange that pays you to trade
Based on statistics from DeBank and dapp.com, MDEX is one of the most powerful decentralized exchanges this year in terms of TVL and trading volume – an AMM-based DEX that is operated via the Huobi Eco-Chain (HECO), Binance Smart Chain …
Cosmos Bridge to Ethereum is set to start in 2021
A new Cosmos hub compatible with the Ethereum Virtual Machine will enable cross-chain activities between the two blockchains. Cosmos Hub Plans To Launch Bridge A Project That Focuses On …
Comments are closed.