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After EOS and Dash, Proof-of-Stake cryptocurrency Cosmos ranks third with regard to USD staked

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After EOS and Dash, Proof-of-Stake cryptocurrency, Cosmos ranks third with regard to USD staked
Source: Unsplash

Cosmos is a Proof-of-Stake cryptocurrency that went live on the mainnet on March 13, 2019. Cosmos was launched by Tendermint Inc, a software development company that was appointed by Swiss non-profit Interchain Foundation to develop the cross-blockchain ecosystem.

Cosmos aims to develop blockchain interoperability and create a scalable ecosystem of blockchains, which allows different Dapps to interoperate on a single platform. The developers believe that Cosmos may contribute to solving some of the main problems in blockchain, such as scalability and interoperability. The ICO for the same was launched in 2016 and raised a whopping $16 million a year later.

According to Diar, nearly 40% of Atoms [tokens on the network] have been bonded to 82 of the possible validators. The number validators will reach a maximum of 300 throughout ten years, but can be voted to increase. The 0% of the bonded Atoms is worth approximately $300 million and is likely to rise in the upcoming days.

Source: Diar

Although it was launched recently, Cosmos climbed the ranks of Proof-of-Stake table in terms of the value of the USD staked on the blockchain. The chart attached shows that it ranks third, just below EOS and Dash. EOS has a total of $1.81 billion staked, while Dash has $431 million staked. A total of $308 million is on the Cosmos network and adds up to 39% of the total supply.

Diar stated:



“The next phases for the Cosmos network participants are to vote on the ability to transfer Atom tokens and the initiation of the Intercommunication Blockchain Protocol (IBC) that would allow for other blockchains to connect to Cosmos Hub, its primary intended purpose.”

Cosmos faces competition from the likes of other PoS cryptocurrencies like Cardano [ADA], IOST, Aion, Nebulas etc.

Source: Diar

In terms of the percentage of the yield for the users, Cosmos ranked 5th as it provides a yield of 17% to the users. Ethereum provides 4.45%, EOS 4%, Tron 5%, Cardano 3.7%.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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