The current cryptocurrency rally hasn’t affected the price of Cosmos, ATOM. ATOM currently trades at $7.66. This is its highest level since June’s middle. Since its low point in June, the token’s value has increased by about 40 percent.
ATOM may be able to break $8.4 resistance at the moment, which might confirm a bullish trend. Prices increased for the fifth session, bringing ATOM to its highest in 11-days.
ATOM follows the lead of the wider crypto market, which has recently been mired in red. However, there are some promising signs for buyers after the dismal 10 week weekend.
Cosmos (ATOM) Hosts dydx On Its Platform
With the announcement by Dydx of their plans to build their V4 Blockchain on the Cosmos platform, $ATOM has received a lot of attention.
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Cosmos was praised in dydx’s disclosure. They said that the V4 protocol’s most crucial characteristic is its total decentralization.
V4 protocols contain a completely decentralized off-chain orderbook with matching engine. According to Dydx, the Cosmos platform allows them expand to significantly more orders and cancellations per minute.
Cosmos, one of the most important and well-known blockchain-based platforms is one. To ensure that different cryptocurrencies are able to connect, it uses the Inter-Blockchain Communication protocol (IBC).
Source : TradingView.com| Source: TradingView.com
Cosmos is often referred to as the Internet of Blockchains. It focuses on enabling companies to build their own blockchain. Every blockchain can make their own decisions while still being guided by Tendermint.
Cosmos created the SDK product, which is used in many applications. Terra, which collapsed on May 1, 2018, was one of the most notable projects in the ecosystem. Osmosis, ThorChain, and Osmosis were two other notable Cosmos SDK projects.
Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?| Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?
ATOM bulls have re-entered the market in high gear following last week’s breach of its $5.50 floor, which saw prices reach their lowest level since January 2021. The short-term optimism increase led to the ATOM/USD reaching an intraday peak of $7.73 on Thursday.
CMC statistics show that ATOM coins have a market capitalization well in excess of $2.1 billion. That’s an increase of 13.4 percent over 24 hours.
In the face of a positive momentum, there is a modest increase in trade volume. The trading volume also increased by 142% over the day before. The bulls need to increase their volume in order to break the negative trendline.
Featured Image from Exodus Wallet. Chart by TradingView.com