The blockchain interoperability network is having a great bull run. Cosmos Rallies to All-time High Regardless of Static World Crypto Market.
Crypto’s combined global market cap of $2.51 trillion may have barely moved in the last twenty-four hours, however that hasn’t stopped Cosmos (ATOM) blowing up 10.74% in a single day to set a new price of $39.58, based on crypto information aggregator Nomics.
Cosmos crossed the $40 mark yesterday and hit an all-time high of $40.76. Today marks a tiny retreat, however when considering Cosmos’s explosive value recent efficiency: it’s still ten dollars up from seven days ago, and around twenty dollars up from this time last month.
Cosmos is described by its builders as an “internet of blockchains.” It is an interoperability network that enables totally different blockchains to attach, share information and transact with one another, the benefit being that blockchains can concentrate on totally different areas, so no one blockchain must nook the whole market.
On August 18, the price of Cosmos rallied 25% from $15 to $20 after the launch of a cross-chain DeFi interface referred to as Emeris.
On the finish of August, Cosmos additionally opened a bridge with the Ethereum network. The mixing of Sifchain, a decentralized exchange (DEX) constructed on Cosmos, with the inter-blockchain communication protocol (IBC) enabled trading between the Cosmos and Ethereum networks for the first time.
As of today, Cosmos is the twenty-first biggest cryptocurrency by market capitalization, however at this price it’d take only $0.8 billion for it to flip FTX Token and make it into the top twenty.