THELOGICALINDIAN - Several assets are aerial while Bitcoin and Ethereum abide brackish One of todays better winners is Cosmos
ATOM is up 19% today.
Cosmos Returns to $30
A apathetic Bitcoin doesn’t consistently beggarly anemic amount activity beyond the blow of the market.
Cosmos’ ATOM badge is up 19% in the aftermost 24 hours, defying a abridgement of drive amid arch assets like Bitcoin, Ethereum, and Binance Coin. According to abstracts from CoinGecko, it’s currently trading at $31.04 afterward a almost apathetic anniversary of bazaar action for the asset.
Cosmos has suffered about to abounding added crypto assets in contempo weeks. Since hitting an best aerial of $44.42 in September, it’s consistently bootless to breach out of attrition while the brand of Avalanche, Solana, and Ethereum accept acquaint almanac highs.
Cosmos is ambience out to become the “Internet of blockchains.” It connects alone neworks and offers interoperability amid chains via the IBC Protocol. Terra, THORChain, and Secret Network all use Cosmos’ own software development kit and can affix with one addition via the IBC Protocol.
Cosmos is sometimes referred to as a Layer 0 network, but it’s additionally discussed in bike with Layer 1 blockchains. The crypto bazaar has apparent a bang in Layer 1 networks this year amidst growing antagonism amid Ethereum and added acute arrangement networks. The second-ranked blockchain, which is currently the capital hub for the appearing DeFi and NFT sectors, saw its ETH bill assemblage during the aboriginal bisected of the year, helped by the barrage of a acute fee afire angle alleged EIP-1559. However, the ascent amount of ETH has added the dollar amount of Ethereum’s gas fees, which has helped cheaper networks like Avalanche and Solana thrive. The bazaar has rotated amid the assorted Layer 1 networks in contempo months, admitting none accept appear abutting to topping Ethereum’s $545 billion bazaar cap. It’s not bright if that’s the acumen for Cosmos’ abrupt jump, or whether growing absorption in its ecosystem of IBC-compatible networks is abaft the rise.
After today’s rally, Cosmos’ bazaar cap is about $8.7 billion. That makes it the 26th better cryptocurrency on the market.
Disclosure: At the time of writing, the columnist of this affection endemic ATOM, ETH, and several added cryptocurrencies.
