Why Cosmos Cryptocurrency Is Rising In The Crypto Bear Market
Against the odds, a new token is defying gravity to move higher, attempting to break its previous highs and scale new peaks. Cosmos (ATOM), which was launched in March 2019, has zoomed about 1,200 per cent in less than three years to scale a high of $43.4 on January 5, 2022, from $3.4.In a nutshell, Cosmos bills itself as a project that solves many of the ‘hardest problems’ faced by the blockchain industry. The ecosystem is comprised of blockchains and the main theme in 2022 is blockchain network interoperability.
What Is Cosmos Atom?
The cryptocurrency creates an antidote to slow, expensive, unscalable and environmentally harmful proof-of-work protocols. The technology also tries to reduce the complexity of the blockchain technology and ease for developers, thanks to a modular framework that demystifies decentralised apps.
“Cosmos is one of the top crypto protocols out there,” says Ganesh Kompella, who is managing partner at Tykhe Block Ventures. “It does cross-chain capabilities and interoperability. Practically every crypto investor or trader talks about it.”
The token has delivered 630 percent returns over one year, which is certainly a multibagger. It was trading in the $40 to $41 range on Friday morning.
Why Is Cosmos Rising?
There are three reasons some experts say the Comos cryptocurrency is on an upswing: a cross-chain bridge between the Ethereum Virtual Machine and the protocol, an upcoming upgrade to Theta, and 28 live interconnected chains totalling more than $68 billion in value.
Raj A Kapoor, founder of India BlockChain Alliance, said that Cosmos aspires to be the “internet of blockchains”. Kapoor explained about the growth of blockchain projects with over 260 members.
The Cosmos ecosystem has secured more than $170 billion, with a recent major upgrade enabling independent blockchains to communicate and exchange data and value, according to a press release.
Cosmos Market Cap
Cosmos seems to be a coin with a market cap of somewhere around $11 billion. The coin also has somewhere around 226 billion coins for a total supply. It is fully diluted, as of January 7, 2022. Mark Schlarbaum, who runs a market-focused consulting firm, said that with a solid management team and a clear game plan,
Should You Buy Cosmos Now?
Cosmos has all the makings of a coin that could go to the moon—and beyond. However, with many speculators buying in after the cryptocurrency surged to an all-time high in recent days, it is hard to expect the price will follow the same trajectory as that of the last year.