After a stellar month, Cosmos (ATOM) is on another tear, gaining 10% in the past 24 hours and breaking past the $8 mark for the first time.
The majority of ATOM's gains were made in the last three days with its price point climbing from a dip of $5.50 on August 23, to a top of $8.46 earlier this morning. As of press time, ATOM's price is managing to remain just above the $8 line.
For ATOM, the native token of the Cosmos ecosystem—an interoperability-primed platform aiming to remedy crypto scaling issues—today's move is a continuation of a month-long performance streak. From peak to trough, ATOM has more than doubled in value, appending around 133% to its total price within the space of a month—heading from approximately $3.60 in late July to its aforementioned all-time high of $8.46 today.
The gains seem to be hinging on Comos' co-development of Anchor, a decentralized finance (DeFi) platform looking to capitalize on the success of the Ethereum-pioneered sector.
Cosmos, alongside others including Terra, a decentralized stablecoin; Web3 Foundation, an incubator for decentralized tech; and Solana, a scalable blockchain, announced Anchor last month. The platform, which is primed for launch in Q3 2020, will allow staking across a range of participating blockchains.
DeFi oracle Band Protocol launches on Cosmos, aims to overtake Chainlink
The battle to become the DeFi data oracle of choice is getting more intense. The cross chain data oracle Band Protocol 2.0 launched today on the Cosmos network, bringing real world data to smart contracts across the blockchain ecosystem. The upgraded protocol can process 50 transactions per second and will have the added benefit of avoiding network congestion on the Ethereum chain connected to major losses during the March crypto crash. With this update, Band is banking on an appetite in the wo...
In any case, ATOMs cosmic gains come in spite of Bitcoin's sluggish price movements of late, scoring ATOM pride of place as the highest gainer in the cryptocurrency top 20 today. But just how long can ATOM defy gravity?
