ATOM/ETH going up 82%, means this for the DeFi zone
Pretty much the majority of tokens plunged into a deep well in the aftermath of the Ethereum merge. The overall cryptocurrency market cap, at press time, fell to the $900 billion mark after suffering a fresh 8% correction.
But there is one particle that showcased the will to multiply amidst the ongoing broader market correction.
Atom by Atom
Cosmos went in the greens, as the token moved closer to a four-month high during Friday’s (16 September) session. Prices rose past a key resistance level during the day, as bullish sentiment continued to rise even after the weekend.
The native token (ATOM) going into Monday (19 Sept.) didn’t quite feel the blues given the price rally. In fact, the token recorded double figures, despite major coins plunging in the aftermath.
It’s here to be noted, that ATOM showcased around a 100% rise from it was a month ago. Looking into individual trading pairs when compared to ATOM, Messari’s insight narrated the picture in detail.
As more DeFi protocols and decentralized apps (DApps) flood the ecosystem and have participated in its interchain security system, ATOM’s value has skyrocketed.
This was evident by the fact that after one month, ATOM/ETH went up by 82%. Well, notably, ROI metrics have been up only against ETH, BTC, and the rest of DeFi.
It further found that the asset’s social dominance had increased by 76% within the same period. Meanwhile, Cosmos poached the highest revenue-generating dApp in crypto just two days ago.
So the question is- Can Cosmos compete with L2s?
The steady rise of the Cosmos blockchain could be linked to the several blockchain projects that re-launched on its platform at the collapse of the Terra blockchain. While many investors halted trading on the ETH during the merge, traders turned to other coins, including ATOM.
Furthermore, in early September, Delphi Digital announced it would build new projects on the Cosmos network. As per a previous report. ATOM’s developmental activity on Cosmos surged in the last 90 days, Santiment revealed. It has gone up by 43% within that time.
Having said that, it is important to always keep a track of the prices. Well, at press time, ATOM’s price reached $14 after witnessing a 7% decline.