Cosmos Back Above $30 After 19% Rally
Share this article
ATOM is up 19% today.
Cosmos Returns to $30
A sluggish Bitcoin doesn’t always mean weak price action across the rest of the market.
Cosmos’ ATOM token is up 19% in the last 24 hours, defying a lack of momentum among leading assets like Bitcoin, Ethereum, and Binance Coin. According to data from CoinGecko, it’s currently trading at $31.04 following a relatively slow week of market activity for the asset.
Cosmos has suffered relative to many other crypto assets in recent weeks. Since hitting an all-time high of $44.42 in September, it’s consistently failed to break out of resistance while the likes of Avalanche, Solana, and Ethereum have posted record highs.
Cosmos is setting out to become the “Internet of blockchains.” It connects individual neworks and offers interoperability between chains via the IBC Protocol. Terra, THORChain, and Secret Network all use Cosmos’ own software development kit and can connect with one another via the IBC Protocol.
Cosmos is sometimes referred to as a Layer 0 network, but it’s also discussed in tandem 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. The second-ranked blockchain, which is currently the main hub for the emergent DeFi and NFT sectors, saw its ETH currency rally during the first half of the year, helped by the launch of a crucial fee burning proposal called EIP-1559. However, the rising price of ETH has increased the dollar price of Ethereum’s gas fees, which has helped cheaper networks like Avalanche and Solana thrive. The market has rotated between the various Layer 1 networks in recent months, though none have come close to topping Ethereum’s $545 billion market cap. It’s not clear if that’s the reason for Cosmos’ sudden jump, or whether growing interest in its ecosystem of IBC-compatible networks is behind the rise.
After today’s rally, Cosmos’ market cap is around $8.7 billion. That makes it the 26th biggest cryptocurrency on the market.
Disclosure: At the time of writing, the author of this feature owned ATOM, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give 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 become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any 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 catches up with Tendermint CEO Peng Zhong, who oversees the core development team that built the critical components of the Cosmos blockchain. Insights on the Cosmos Ecosystem While…
Cosmos, Elrond Rally as Crypto Market Stalls
Cosmos and Elrond are outperforming the rest of the market. Cosmos, Elrond Defy Market Dip While Bitcoin and Ethereum are down today, several other assets are rising fast. Cosmos and…
Cosmos Bridge to Ethereum Is Slated to Launch in 2021
A new Cosmos hub compatible with the Ethereum Virtual Machine will allow for cross-chain activity between the two blockchains. Cosmos Hub Plans to Launch Bridge A project focused on allowing…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…