Although the combined global market cap of cryptocurrencies of $2.51 trillion has barely moved in the past twenty-four hours, it is a blockchain interoperability protocol. Cosmos (ATOM) having a perfect bull run.
Cosmos (ATOM) broke the $40 barrier yesterday and hit an all-time high of $41.28, according to data from CoinGecko. Although ATOM has experienced a minor pullback after reaching a new ATH, given its explosive recent price performance; The coin is still ten dollars higher than seven days ago, and about twenty dollars higher than last month.
Described by its developers as the “internet of blockchains,” Cosmos is an interoperability network that allows different blockchains to connect, share data, and transact with each other.
The price increase in ATOM is thought to be a result of the developments in the platform. For example, on August 18, the price of Cosmos rose 25 percent from $15 to $20 after the launch of a cross-chain DeFi interface called Emeris.
Cosmos Network also completed the inter-blockchain communication (IBC) protocol in March, which allows different cryptocurrency platforms to trade and transfer tokens with each other. At the end of August, it created a bridge with the Ethereum network. The integration of Sifchain, a decentralized exchange (DEX) built on Cosmos, with the inter-blockchain communication protocol (IBC) made trading between the Cosmos and Ethereum networks possible for the first time.
In the light of all these developments in the network, it was already predicted by analysts that the altcoin would perform well. In fact, Guy, the analyst of the Coin Breau channel, thinks that the developments in the network have not yet been reflected in the price, but this situation will change soon and the altcoin can easily reach $ 100.
At the time of writing, Cosmos has managed to enter the top 20 cryptocurrencies ranking at the 19th place with a price of $ 38.84 and a market capitalization of $ 10.7 billion.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.