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

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.

https://ambcrypto.com/cosmos-remains-afloat-since-bear-market-turmoil-heres-why/

Post a Comment

Previous Post Next Post