Cosmos Jumps 12% as Bitcoin, Ethereum Recover


Cosmos (ATOM), the token powering the eponymous blockchain network, is up 12.7% over the past 24 hours. ATOM is currently trading at $11.45, according to data from CoinMarketCap.

ATOM is the 27th-largest cryptocurrency with a market capitalization of $3.2 billion. 

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Despite today’s bullish action, ATOM still trades 74% down from its all-time high of $44.70 recorded in September 2021.

There has been a spike in the coin’s trading volume across different exchanges. Its total trading volume hovers around $327 million over the past 24 hours, 11% up from the previous trading day.

Cosmos is a decentralized network of independent parallel blockchains each powered by Byzantine Fault Tolerance (BFT) consensus algorithms. It also allows developers to develop their own blockchains and allows all Cosmos-based blockchains to interact with one another. 

Some of the more popular blockchains within the Cosmos ecosystem are Thorchain, Kadena, and, perhaps less so these days, Terra. 

How many Cosmos networks exist?

There are a total of 49 tokens operating in the Cosmos ecosystem and 28 InterBlockchain Communication (IBC) enabled blockchains deployed as well. 

A total of 265 apps and services support the cosmos ecosystem including blockchains, wallets, and explorers, according to data from Cosmos.

The total value locked (TVL) in Cronos, the largest protocol by TVL in the ecosystem, increased by 2.16% to $2.32 billion over the past 24 hours, according to DefiLlama.

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As for Kadena, its TVL stands at $7.2 million, up 18% over the past 24 hours, according to data from Defi Llama

Besides DeFi activity, underlying tokens for various Cosmos-based tokens are also on the rise.

In the past day, Cronos (CRO) lifted 4.67%, Thorchain (RUNE) is up 2.6%, Kava (KAVA) rose 8.8%, Kadena (KDA) jumped 10.8%, and Cartesi (CTSI) is up 6%.

Meanwhile, the largest cryptocurrency on the market, Bitcoin (BTC), is up 4% over the past 24 hours and currently trades at around $30,187.

Ethereum (ETH) is up 4.4% over the past 24 hours and currently changing hands at $2,026.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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