Cosmos (ATOM), a cryptocurrency used in an ecosystem of different blockchains, is slowly sneaking towards the top ten coins by market cap. The price of cosmos gained 7% today to reach $3.92 while bitcoin and the vast majority of other cryptocurrencies see losses of between 1-3%.
Overall, cosmos has been in an uptrend for the past three months—and is currently up more than 26% since September 12, 2019. Meanwhile, bitcoin, ether (ETH) and XRP are down 31%, 20.5% and 13.7% respectively across the same time period.
Its most recent rally is likely attributed to news that Binance users will be able to stake their ATOMs on the Binance staking platform, allowing them to earn a passive income in the form of regular staking rewards.
Staking is a hot topic at the moment and announcements of exchanges and wallets supporting staking of Tezos have caused its price to surge in recent months.
#Binance Will Support @cosmos $ATOM Stakinghttps://t.co/cFgDx5AwJ6 pic.twitter.com/9PkiuqzF1D
— Binance (@binance) December 4, 2019
As a result, cosmos continues to make headway towards breaking into the top ten coins by market cap. Cosmos has climbed from rank 20 to its current position at rank 16 in the last three months.
Part of the reason behind cosmos's meteoric growth throughout the latter half of 2019 could be the result of gradually improving trade volumes. Since July, the average daily trade volume of ATOM has doubled and now regularly exceeds $200 million traded per day.
Likewise, cosmos has also seen its adoption improve in recent months, after being listed on several major cryptocurrency trading platforms, including Kraken, Crypto.com, Poloniex, Huobi Global and most recently, Binance.US.