The price of Cosmos (ATOM) has rallied sharply in recent days as demand for cryptocurrency surged. ATOM reached a high of $12, which is about 16% higher than this week’s lowest price. As a result, the market capitalization has risen again to about $3.3 billion. This makes Cosmos the 24th largest cryptocurrency in the world.
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Growth in the ATOM ecosystem
Cosmos is a leading blockchain project that promises to transform the crypto industry. Cosmos’ main product enables the free exchange of both digital assets and data between different decentralized blockchains. Cosmos’ solution is used on some of the world’s leading blockchain networks, whose native cryptocurrencies have a combined market capitalization of over $62 billion.
At the heart of this project is Cosmos Hub, which is used to provide key services to the Interchain. The interchain is being marketed as a “new internet” consisting of an extended network of interconnected blockchains.
There is also the Cosmos SDK. This is a state-of-the-art blockchain framework that powers the Cosmos Hub. Developers can use this SDK to create applications that use tendermint consensus and the inter-blockchain communication protocol. Cosmos SDK has extremely low fees of around $0.01 and fast transactions that are confirmed in less than 7 seconds on average.
The Cosmos ecosystem is backed by the ATOM token, which has become one of the most popular cryptocurrencies. According to StakingRewards, holders of the ATOM token earn a return of about 11%, making it one of the most attractive DeFi cryptocurrencies.
The Cosmos ecosystem is growing rapidly. Some of the most notable applications in this ecosystem include Cronos, Ankr, BNB Chain, FetchAi, and Hard Protocol. The decentralized crypto exchange dYdX is also moving from Ethereum to Cosmos. These are all factors that have contributed to ATOM’s price rise in recent days.
Cosmos price forecast
On the 4H chart, it can be seen that ATOM price was in a strong uptrend in the last few days. Along the way, the cryptocurrency managed to move above the lower side of the ascending channel, which is shown in green. It also crossed the moving averages of the last 25 and 50 days. In addition, the MACD has moved above the neutral point.
Therefore, the cryptocurrency will likely continue to rise as the bulls target the upper side of the trading range at around $13.26. A drop below the support at $10 would disprove the bullish view.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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