By enabling developers to build highly configurable blockchains, Cosmos (ATOM) has established itself as a major rival to Ethereum’s (ETH) well-known smart contract technology in the cryptocurrency market. By utilizing a modular framework that demystifies decentralised apps, or dApps, the blockchain technology employed by Cosmos reduces the project’s complexity and difficulty for developers.
Following dYdX’s scalability and customizability, crypto experts saw how the independent blockchain developed into a popular platform for creating decentralised apps. Will Cosmos (ATOM) increase in price this year? Let’s examine the ecosystem of Cosmos and talk about the expected price of Cosmos through 2023 and beyond.
Summary of Cosmos
As a layer zero blockchain protocol that offers developers an open-source framework to create public PoS (Proof of Stake) blockchains, Cosmos is known as the Internet of the blockchain. Jae Kwon and Ethan Buchman founded Cosmos in 2016 with the goal of building a highly interconnected, adaptable, and independent blockchain ecosystem.
The project’s key feature is the Cosmos SDK (software development kit), which enables programmers to build unique blockchains from scratch. Within the ATOM ecosystem, these blockchains can often communicate with other blockchain networks. The Cosmos SDK’s default consensus mechanism is the Tendermint Byzantine Fault Tolerance (BFT) consensus algorithm.
The inter-blockchain communication, or IBC, which enables token transfers and data sharing between Cosmos blockchains, is another noteworthy element of the Cosmos SDK. The Cosmos Hub, which offers crucial services to other blockchains including interchain accounts, interchain security, voting, and staking, is another name for the ecosystem’s main Cosmos blockchain.
Analysis of historical prices
The Cosmos is currently trading at $6.76 and is ranked number 26 in the cryptocurrency ecosystem, per the information. With a market capitalization of $2,492,242,300, the current market circulation supply is 368,670,697 ATOM. The volume of trades on ATOM has climbed by 115.68% over the past 24 hours. The price of Cosmos has decreased by around 6.20% over the past week.
Recently, there has been a lot of expectation that traders will seize this chance to go in and make an investment. The price of ATOM climbed by more than 0.46% over the previous month. The ATOM token’s modest rise suggests that it has the potential to develop into a respectable asset and profitable investment choice.
How far will ATOM travel?
We believe ATOM is a wise investment and project that it will reach a maximum price of $14 in 2023 and $75.17 in 2030 based on our Cosmos forecasts. Changelly anticipates that ATOM will top out at $7.71. Around $7.41 is the anticipated average trading price.
According to Price Prediction’s analysis, the performance of the entire crypto market will have a significant impact on the future of ATOM coins. They forecast a maximum price of $24.21 for the token in 2025 and expect the token to turn very bullish in the upcoming years.
In the meantime, CoinCodex predicted that the price of Cosmos will range from $5.55 to $8.20 in 2024. For traders with a high tolerance for risk and solid financial standing, it remains a smart investment.
To sum up, a number of factors may contribute to the long-term increase of the ATOM crypto price. Investors often refer to Cosmos as another Ethereum. Additionally, Cosmos’ superior software development kit and simple-to-use design enable the project to scale up to an immense size.
The price of Cosmos may soar in the future when developers switch from the current Ethereum smart contracts platform to the Cosmos protocol if developers for Cosmos make sure consumers can experience great scalability. Only time will tell how and at what cost traders will be able to exchange their Cosmos tokens.