August 10, 2022

The worth of Cosmos (ATOM) has not been left behind by the current cryptocurrency rally. ATOM is at present buying and selling at $7.66, its highest value for the reason that center of this month. Since its low level in June, the token’s worth has elevated by about 40 p.c.

ATOM is at present positioned to surpass $8.4 resistance, which can solidify a bullish development. The token additionally reached its highest degree in 11 days on Thursday, as costs elevated for the fifth straight session.

Because the broader crypto market has been in a sea of crimson just lately, ATOM has adopted go well with. After a dismal 10-week weekend, although, patrons are observing some encouraging indicators.

Cosmos (ATOM) Hosts dydx On Its Platform

Numerous consideration has been paid to $ATOM with the revelation by dydx that they are going to be constructing their V4 blockchain on the Cosmos platform.

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Of their disclosure, dydx praised Cosmos. They stated that the V4 protocol’s most vital attribute is its complete decentralization.

The V4 protocol accommodates a completely decentralized, off-chain orderbook and matching engine. The Cosmos platform, in keeping with dydx, permits them to broaden to a considerably larger variety of orders and cancellations per second.

Cosmos is among the largest and most important blockchain-based platforms. It employs the Inter-Blockchain Communication (IBC) protocol to ensure that totally different cryptocurrencies can join with each other.

ATOM complete market cap at $2.35 billion on the every day chart | Supply: TradingView.com

Cosmos, typically generally known as the Web of Blockchains, focuses on enabling companies to create their very own impartial blockchain. Every blockchain will make its personal selections autonomously whereas being pushed by the Tendermint consensus.

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Cosmos additionally created a product referred to as SDK, which has been utilized in quite a few functions. Terra, the platform that collapsed in Could of this yr, was essentially the most noteworthy undertaking inside its ecosystem. ThorChain and Osmosis are two different notable initiatives developed with Cosmos SDK.

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ATOM bulls have re-entered the market in excessive gear following final week’s breach of its $5.50 flooring, which noticed costs attain their lowest degree since January 2021. Earlier Thursday, the ATOM/USD reached an intraday excessive of $7.73 as a result of to this short-term enhance in optimistic sentiment.

The market capitalization of ATOM coin is at present properly above $2.1 billion, up 13.4 p.c within the inexperienced zone over the previous 24 hours in keeping with CMC statistics.

Within the face of a constructive momentum, there’s a modest enhance in commerce quantity. Equally, buying and selling quantity elevated by 142% in comparison with the day gone by. Nevertheless, the bulls nonetheless require extra quantity to breach the adverse development line.

Featured picture from Exodus Pockets, chart from TradingView.com