The worth of Cosmos (ATOM) has not been left behind by the current cryptocurrency rally. ATOM is presently buying and selling at $7.66, its highest value because the center of this month. Since its low level in June, the token’s worth has elevated by about 40 p.c.

ATOM is presently positioned to surpass $8.4 resistance, which can solidify a bullish development. The token additionally reached its highest stage in 11 days on Thursday, as costs elevated for the fifth straight session.

For the reason that broader crypto market has been in a sea of purple not too long ago, ATOM has adopted go well with. After a dismal 10-week weekend, although, consumers are observing some encouraging indicators.

Cosmos (ATOM) Hosts dydx On Its Platform

A whole lot of consideration has been paid to $ATOM with the revelation by dydx that they are going to be constructing their V4 blockchain on the Cosmos platform.

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Of their disclosure, dydx praised Cosmos. They stated that the V4 protocol’s most vital attribute is its whole decentralization.

The V4 protocol incorporates a totally decentralized, off-chain orderbook and matching engine. The Cosmos platform, in keeping with dydx, permits them to increase to a considerably increased variety of orders and cancellations per second.

Cosmos is without doubt one of the largest and most vital blockchain-based platforms. It employs the Inter-Blockchain Communication (IBC) protocol to ensure that totally different cryptocurrencies can join with each other.

ATOM whole market cap at $2.35 billion on the every day chart | Supply:

Cosmos, typically often known as the Web of Blockchains, makes a speciality of enabling companies to create their very own unbiased blockchain. Every blockchain will make its personal choices autonomously whereas being pushed by the Tendermint consensus.

Cosmos additionally created a product referred to as SDK, which has been utilized in quite a few purposes. Terra, the platform that collapsed in Could of this yr, was essentially the most noteworthy undertaking inside its ecosystem. ThorChain and Osmosis are two different notable tasks developed with Cosmos SDK.

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ATOM bulls have re-entered the market in excessive gear following final week’s breach of its $5.50 flooring, which noticed costs attain their lowest stage since January 2021. Earlier Thursday, the ATOM/USD reached an intraday excessive of $7.73 as a result of to this short-term improve in optimistic sentiment.

The market capitalization of ATOM coin is presently nicely above $2.1 billion, up 13.4 p.c within the inexperienced zone over the previous 24 hours in keeping with CMC statistics.

Within the face of a optimistic momentum, there’s a modest improve in commerce quantity. Equally, buying and selling quantity elevated by 142% in comparison with yesterday. Nonetheless, the bulls nonetheless require further quantity to breach the destructive development line.

Featured picture from Exodus Pockets, chart from

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