Cosmos (ATOM/USD), the native cryptocurrency of blockchain interoperability network Cosmos, has been rallying over the past week despite the overall bearish sentiment in the crypto market. This surge saw the coin gain over $10 (£7.31) to set a new all-time-high (ATH) above $40 (£29.25). In contrast, Bitcoin (BTC/USD), the largest cryptocurrency by market capitalization, has only gained 1.28% over the past week.
At the time of writing, data from CoinMarketCap shows that ATOM’s bullish momentum is still on with 4.92% gains over the past 24 hours to change hands at $40.82 (£29.85). The coin’s current price also denotes a 31.27% change over the last seven days. While ATOM is green, it is 8.92% down from its ATH of $44.70 (£32.69), which was set earlier today.
Nonetheless, ATOM’s volume is up 27.32%, indicating that there is a buying pressure, which might see the coin surge past its ATH. Data from TradingView also show the coin is ripe for more gains. In the one-week chart, oscillators show a mild selling force while moving averages indicate a strong buying force.
ATOM’s market cap has also increased by 5.21% to hit $9,034,893,644 (£6,605,907,662.28), making the coin the 20th-largest crypto. If ATOM maintains the bullish momentum, it is set to topple Wrapped Bitcoin (WBTC/USD), which has a market cap of $9,265,635,731 (£6,774,615,892.90).
Reasons behind ATOM’s rally
ATOM started rallying after Sifchain, a decentralized exchange built on Cosmos, launched inter-blockchain communication (IBC) capabilities. This launch enabled trade between the Cosmos ecosystem and the Ethereum blockchain. Sifchain also introduced a new liquidity program that offers users incentives for adding liquidity to Cosmos Asset-specific liquidity pools.
Cosmos also announced that it is planning to bring interchain security to Cosmos Hub. According to the project, interchain security is a Cosmos-specific category of Shared Security that leverages IBC. By adding Interchain security to the Cosmos Hub, the project seeks to enhance the experience of using the Internet of Blockchains.
The benefits of introducing interchain security to the Cosmos Hub include lowering the barrier to rolling out and running secure sovereign decentralized public blockchains and enabling hub minimalism. Through hub minimalism, the Cosmos Hub will have few features, which help reduce the surface area for security vulnerabilities.
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