Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery
22 May 2022 - 12:00AM
NEWSBTC
The crypto market is showing signs of recovery, and it seems Cosmos
has also been pulled in the same direction with an increase of 12%
in the last 24 hours. Cosmos (ATOM), the 27th biggest
cryptocurrency, has a total market cap of $3.2 billion. ATOM, the
token that fuels the Cosmos blockchain network, has been gaining a
lot of traction with an increase of over 12.7% overnight.
Currently, ATOM is trading at the price point of $11.45. Suggested
Reading | Avalanche Crumbles More Than 16% As Crypto Landslide
Continues ATOM Remains In Bear Territory Even though the
charts have been looking bullish, ATOM is still at a bearish stance
with trades that plummeted by 74% compared to its all-time high
record of $44.70 in September 2021. There has been a noticeable
spike in ATOM’s trading volume that is evident in multiple
exchanges. The total trading volume is at roughly $327 million in
the past 24 hours, which is up by 11% in comparison to the previous
day. What Is Cosmos? Cosmos refers to a decentralized network of
blockchains that runs using the power of Byzantine Fault Tolerance
(BFT) algorithms. More so, Cosmos also enables developers to create
and innovate their own blockchains plus allows Blockchains that run
on Cosmos to freely interact or engage with one another. Some of
the major blockchains that run in the Cosmos are the Terra, Kadena,
and Thorchain. Developer Incentives Following Terra’s Demise
Injective, a decentralized blockchain that is focused on the
development of decentralized Finance (DeFi) applications, has
designed a proposal to create incentives for developers who were
negatively impacted by the downfall of Terra. Injective is also
responsible for the adaptation of the Ethereum compatibility and
bringing it to the Cosmos IBC ecosystem which has immensely helped
Terra developers to build applications fast with the aid of
familiar tools. ATOM total market cap at $3.16 billion on the
weekend chart | Source: TradingView.com The Injective proposal was
created on May 12 following the downfall of Terra at which
developers started to look for opportunities to build projects
elsewhere. The proposal was passed with a convincing 99% agreement
with the initiative in a matter of four days. The entire injective
community was in unison when they decided to redirect the
incentives just to make sure that Terra dApps will have enough
resources to facilitate a smooth transition into joining 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. Suggested Reading |
Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7
Days Cosmos Network Performing Well There are nearly 50 tokens and
28 InterBlockchain Communication (IBC)-enabled blockchains that are
running in the Cosmos. More so, there are also around 265 services
and apps that power up the Cosmos ecosystem comprising wallets,
blockchains, and explorers. Kadena TVL was up by 18% or $7.2
million in just 24 hours. TVL of Cronos soared by 2.16% or $2.32
billion in the past 24 hours. Tokens in the cosmos plus DeFi
activities have been performing extremely well. Meanwhile, the king
of crypto have improved in-market performance. Bitcoin is up by 4%
in a matter of 24 hours and is now trading at $30,187. Ethereum has
also increased by 4.4% overnight with a current TVL of $2,026.
Featured image from Zipmex, chart from TradingView.com
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