Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

Cosmos seems to be moving in the same direction as the crypto market, with a rise of 12 percent in 24 hours.

Cosmos (ATOM), 27ThIt is the largest cryptocurrency with a $3.2 billion market cap. ATOM, which is used to power the Cosmos Blockchain Network, has gained a lot of attention with an over 12.7% increase overnight.

ATOM trades at $11.45 right now

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Bear Territory – ATOM Remains 

Although the charts look bullish, ATOM remains bearish with trades falling by 74% relative to September 2021’s record high of $44.70.

There has been a noticeable spike in ATOM’s trading volume that is evident in multiple exchanges. In the last 24 hours, the total volume of trading has reached $327 Million. This is 11% more than the day before.

Cosmos: What is it?

Cosmos is a network of decentralized blockchains, which uses the Byzantine Fault Tolerance algorithm.

Cosmos makes it possible for developers to build and innovate blockchains. Additionally, Cosmos allows Blockchains that are running on Cosmos to interact with or communicate one another.

There are three main blockchains in the Cosmos, Terra, Kadena, Thorchain.

Developer Incentives Following Terra’s Demise

Decentralized Blockchain Injective has developed a proposal for incentives to developers that were adversely affected by Terra’s fall.

Injective also contributed to the adaption of the Ethereum compatibility to the Cosmos IIBC ecosystem. This has greatly helped Terra developers build their applications quickly using familiar tools.

 Source: TradingView.com| Source: TradingView.com

After Terra’s collapse, developers began to search for other opportunities and created the Injective proposal. Within four days the proposal had been approved by a convincing 99 percent.

Injective’s entire community came together to decide to redirect incentives to ensure that Terra dApps has enough resources for a seamless transition to Injective.

Further, CosmWasm, Injective’s up-and-coming smart contract layer is seen to power up Terra projects to enable speedy onboarding without the need to rewrite codes which could happen if they decided to transfer to other blockchains.

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Cosmos Network Performing Well

Nearly 50 tokens, and 28 InterBlockchain Communication(IBC)-enabled blocks are currently running in Cosmos.

There are 265 apps and services that make up the Cosmos ecosystem, which includes wallets and blockchains.

In just 24 hours, Kadena TVL soared by 18% (or $7.2 Million). TVL Cronos increased by 2.16%, or $2.32 trillion in just 24 hours.

It has been a great time for tokens in cosmos and DeFi to perform exceptionally.

The kings of crypto are seeing an improvement in their market performance. Bitcoin has risen by 4% within 24 hours to trade at $30,187.

Ethereum also saw an overnight increase of 4.4% with a TVL at $2,026.

Featured Image from Zipmex. Chart by TradingView.com

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