Connect with us

Altcoins

Cosmos remains afloat since bear market turmoil- Here’s why

Published

on

Source: Unsplash


Cosmos is starting to gain the attention of the crypto community again. The ATOM token has been surging highly on the price chart in the past week.

In fact, it has recovered from a dip in the past 24 hours to ensure upward pressure. According to CoinMarketCap, at press time, ATOM was trading at $16.21 after seeing a 2.75% rise in prices over the last day. ATOM’s weekly gains stood at 28.4% at press time.

Analytics platform Messari has thrown light on the token which has been up only since cycle low. The tweet stated, “many assets hit cycle lows over the course of the bear market. According to our asset screener, 120 assets have been ‘up only’ since those cycle lows.”

Well, one of them is Cosmos which continues to show big promises for investors.

Source: Messari

Feeling cosmic

Things also looked good on the on-chain activity side of Cosmos with some metrics reaching their respective milestones.

Transaction Volume for the ATOM token reached its highest point since the Luna crash as it jumped to 1.23 billion on 10 September.

This dramatic increase in activity was seen in the price movement of ATOM.

Source: Santiment

Well, Cosmos developers have also been busy recently with the development activity metric showing a clockwork increase in the past months.

This was also shared in a Medium blog update by Cosmos recently. The Cosmos SDK released the latest version 0.46 which includes upgrades on the existing ‘Groups module’ and the ‘Governance module’ as well.

Source: Santiment

Another upgrade allowed chains to create addresses on other chains and execute transactions on the native platform.

According to the blog,

“This allows composability between applications similar to how smart contracts on a monolithic chain like Ethereum can interact with each other.”

Despite the meteoric rise of Cosmos, there are still pressing concerns on the network. One issue here is if ATOM is actually rallying independently or following the latest crypto market recovery led by Bitcoin [BTC]. It remains to be seen where Cosmos is headed now after completing a week to remember.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.