Many cryptocurrencies lost more money than they gained one day after the highly anticipated Merge. Market is in red and not even top-performing cryptocurrencies are showing any signs of price growth. Many investors predicted a downtrend reversal after Ethereum’s upgrade to a proof-of-stake mechanism.
Right now it is the other way around. The number one cryptocurrency, for instance, has not seen any price increases over the past 24 hours, 7 days, or 1 hour. The current state of the Bitcoin PriceThe loss is 2%, at $19.659.95
Similar reading: Ethereum Fails Survival Test After Merge. Does $1,400 Support Stand?
The September 16th data show that Bitcoin lost0,61% in one hour, 1,88% in 24hrs and 6,26% in 7 Days.
Ethereum is losing more than Bitcoin. ETH’s priceThe current price is $1,451.49. This represents a significant decrease from $1700+. The Merge hasn’t resulted in the price push as many expected.
However, while some cryptos see a decline in their prices, Cosmos ATOM is still enjoying its gains.
Cosmos ATOM Gains Amid Price Crash
Cosmos ATOM priceRight now, the coin is at $16.16. This figure has been increased by 11.49% within 24 hours. This coin is currently ranked 20. CoinMarketCapRanking crypto. ATOM’s price has shown some growth during this time, even though others are struggling.
The price chart for September 16 showed an ongoing rise in the color green. Although there were some minor dips, the price did not drop below the red zone. For instance, ATOM’s price stopped at $14.65 on September 15. Today, the price rose to $14.63, and then continued rising until reaching its current level of $16.16.
Analysts have observed that ATOM highs/lows are still within ascending channel trendlines. A bull breakout occurred outside of the channel. The price tapped the 200-day moving average, before reaching the midline.
ATOM’s price is still trading above the resistance level after testing it. Analysts predict that it will retest 200-day MA, which could flip the level back to support.Source: AtOMUSD price chart at TradingView.com
Which Factors are Driving Cosmos Coin?
The growth of ATOM could be due to many factors. The move of several protocols from Terra into the Cosmos Hub SDK is one example. Delphi Digital had announced in September that it was building new Cosmos projects.
ATOM value rises as decentralized apps and DeFi protocols flood the ecosystem. AMMs, DeFi and DApps that are part of the network increase staker rewards by increasing fees and staking.
Similar Reading: Analyst Explains Why Cardano (ADA), Could Register Another Declination
Data shows that ATOM is offering 17.75% APY and that 66.75% coins are currently staked. Cosmos will also launch liquid staking, which will provide more buy pressure for ATOM when it is used in DeFi platforms on all blockchains.
All this increased activity in the ecosystem is pushing ATOM prices up. Analysts predict that the network will see greater gains.
Featured image by Pixabay, chart from TradingView.com