While the cryptocurrency market is experiencing a general slowdown, some projects stand out earlier this week. This is particularly true in the field of blockchains more or less directly related to DeFi. A sector that is recording good performances directly proportional to the increase in transaction costs of the Ethereum network. And it's seeing successive price hikes for the most popular designs in this booming market. And the latest in chronological order is none other than the ATOM token of the Cosmos network, which is heading towards the stars.
The number of blockchain projects aiming to compete with Ethereum is growing. A booming sector, supported by increases such as Solana's SOL, which has excited investors in recent weeks. But its rise to successive new highs was violently hampered by a network crash. And upon the latter's forced reboot as its cryptocurrency headed for a downward slide that had become inevitable. All this in the face of the daily support of $ 150, which is currently trying to resist subsequent attacks from sellers.
A multitude of projects as diverse as they are inhomogeneous, which makes it difficult to be able to give an overview. But some of them do not fail to remember investors' good memories by achieving good performances. This is especially the case with the Cosmos project's ATOM cryptocurrency. An ecosystem under construction that focuses on a cross-chain aspect that is very fashionable in these difficult tax times. And it shows about 255 active applications (dApps), but without offering a total blocked value (TVL) to estimate its actual strength.
Cosmos heads for the stars
In any case, the Cosmos project continues to evolve. And its ATOM cryptocurrency is doing very well against the backdrop of a rather gloomy market. This is an increase of close to 30% in the last week. And more than 120% in the last thirty days. This just allowed it to hit a new all-time high (ATH) of $ 44,80 just a few hours ago. This is 40% higher than its previous high of around $ 32 in May. And a 736% increase in YTD!
An increase that allows the ATOM cryptocurrency to enter the prestigious top 20 of the CoinMarketCap website. This is the expulsion of the Internet Computer Project (ICP) with its new market cap of $ 9,15 billion. And a price that currently appears to be sitting on a 4-hour time unit support that is peaking around $ 39,50. A level that, if broken from below, could go for at least $ 38. In other words, it's best to wait a bit before investing in it. With a daily close in mind, that could help define a clearer short-term trend for the future.
An ecosystem under construction
And within this upward movement, some projects of this Cosmos ecosystem stand out. Top of the list is the latest decentralized platform (DEX) Osmosis and its OSMO token. An Automated Market Maker (AMM) with fairly standard features including liquidity pools and betting options. But you must have a wallet to use it kepler native of this network. And of course you fund ATOM to pay for it.
A platform with liquidity currently approaching $ 186 million. This is with daily volumes that have increased significantly for just over two weeks. It is an OSMO cryptocurrency that is priced at around $ 7, after a 145% increase in the past thirty days. But it is currently only available on their own exchange.
News that must delight the first investors of the Cosmos network. And that encourages interest in its development, which is still full of promise due to its lack of maturity. In particular, from the implementation of a bridge that allows it to be connected directly to Ethereum. This is thanks to the SifeChain with a very “fairytale” design. But the TVL of "only" $ 18,75 million and the falling price of the EROWAN token do not make it very attractive. Or on the contrary… but this is a very personal decision of the investor.
This article is about the latest cryptocurrency news. It is not intended as a financial investment advice. Any stance taken should be accompanied by personal research and requires crossing several sources before jumping in. DYOR!
