ATOM breaks past the $8 price level for the first time since it was created and is now even trading at $8.25 which marks a 30% increase since the past 24-hours alone. In today’s altcoin news, we take a closer look at the price analysis.
ATOM is outpacing all other cryptocurrencies in the top 100 while Bitcoin rallied only 0.25% over the past day as the cryptocurrency entered a consolidation pattern. Bitcoin is consolidating which means it is enabling this rally as other altcoins thrive in periods of low volatility. Just a few minutes at the time of writing this article, the price of the Cosmos’ ATOM breaks past $8 for the first time. The asset was trading $8.50 at the peak of the rally but has since retraced to the $8.25 region. ATOM could be limited in its ability to rally again though.
Kelvin Koh, the partner at the Spartan Group and partner ad Goldman Sachs said that ATOM only captures a part of the value of the cosmos ecosystem which is quite different than other cryptocurrencies:
“$ATOM captures only part of the value of the Cosmos ecosystem ie there are other hubs. $DOT represents the value of the entire Polkadot ecosystem.”
Also, in the recent cosmos news, we saw that Jae Kwon accused Zaki Manian of blasphemy over whether the software was “godly” and demanded that he renounces his “self-professed godliness.” Kwon did not respond to requests for comment by press time and most tokens are connected to their celebrity creators so how did Cosmos fade into the expansive graveyard of the once very demanding projects? Manian said that it is pointless to continue the corporate structure saying that the dramatic breakup of the Cosmos’ founding team into three companies, could actually benefit Cosmos.
Cosmos is proof of stake blockchain that is designed to improve the interoperability between the blockchains. PoS assets such as Cosmos will incentivize the users to help secure the networks by staking the assets to a validator. Coinbase is now providing the clients with the possibility to use their Cosmos assets to earn rewards through staking without having to put their funds at risk.
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