The price of Cosmos (ATOM) has not lagged behind the current cryptocurrency rally. ATOM is currently trading at $7.66, its highest price since the middle of this month. Since its low point in June, the value of the token has increased by about 40 percent.
ATOM is currently in a position to cross the $8.4 resistance, which could strengthen a bullish trend. The coin also rose to its highest level in 11 days on Thursday, as the price rose for the fifth consecutive session.
As the broader crypto market has been in a red sea lately, ATOM has followed suit. However, after a disappointing 10-week weekend, buyers are seeing some encouraging signs.
Cosmos (ATOM) hosts dydx on its platform
$ATOM has received a lot of attention with dydx revealing that they will be building their V4 blockchain on the Cosmos platform.
Reading Tips | Stepn GST Token slides 97% – Despite being 3M users of fitness app
In its disclosure, dydx praised Cosmos. He added that the most important feature of the V4 protocol is its complete decentralization.
The V4 protocol includes a fully decentralized, off-chain orderbook and matching engine. The Cosmos platform allows them to scale up a significantly higher number of orders and cancellations per second, according to DidX.
Cosmos is one of the largest and most important blockchain-based platforms. It employs the Inter-Blockchain Communication (IBC) protocol to guarantee that different cryptocurrencies can connect to each other.
ATOM total market cap at $2.35 billion on the daily chart | Source: TradingView.com
Cosmos, often referred to as the Internet of Blockchain, enables businesses to create their own independent blockchain. Each blockchain will make its own decisions autonomously when Tendermint operates by consensus.
Cosmos also created a product called the SDK, which has been used in many applications. Terra, the platform that collapsed in May of this year, was the most notable project inside its ecosystem. Thorchain and Osmosis are two other notable projects that have been developed with the Cosmos SDK.
Reading Tips | Bitcoin After Falling To Stable $17K Above $20K – Slow Climb To The Green?
The ATOM bulls have re-entered the market in high gear after breaching its $5.50 floor last week, with the price hitting its lowest level since January 2021. Earlier on Thursday, ATOM/USD rose to a short term high of $7.73 due to this. Increased optimism.
According to data from CMC, the market cap of the ATOM token is currently over $2.1 billion, up 13.4 percent in the green zone over the past 24 hours.
In the case of positive momentum, there is a slight increase in trading volume. Similarly, the trading volume increased by 142% as compared to the previous day. However, the bulls still need additional volume to break the negative trend line.
Featured image from Exodus Wallet, chart from TradingView.com