Cosmos (ATOM) has just gained almost 16% in the last 24 hours. The price of ATOM now sits just north of $5.00, having reached its highest value since July 2019.
Yesterday, Coinbase added Cosmos to its main wallet platform. This was likely a significant cause of the recent rally, alongside a general market revival. When coins have been listed on Coinbase in the past, they have often received a boost in price—known as the "Coinbase Effect."
Although its recent gains are certainly significant, Cosmos has actually been on the uptick for more than four months now, and has gained by more than 160% since its all-time low of $1.92 last June. This momentum has also seen it climb the ranks on the market capitalization leaderboard, jumping four places to reach rank 18 in this time.
Since yesterday, ATOM made significant gains against Bitcoin (BTC) after climbing from 0.000495 BTC to its current value of 0.000556 BTC—equivalent to a gain of 12.3% against the number one cryptocurrency by market capitalization. Cosmos now joins a growing list of other proof-of-stake coins that have racked up gains against Bitcoin in the last month.