The price of the Cosmos blockchain native token ATOM rose sharply in the cryptocurrency market today, despite selling pressure from the rest of the market. Today’s earnings follow an extended period of higher prices for the token, leading to a failed test (for now) of its September all-time high.
At 16:43 UTC, ATOM was trading at $ 43.25, a 12% increase over the past 24 hours. Looking at the longer time periods, the token is up 43% in the last 7 days and 52% in the last 14 days.
Today’s earnings positioned ATOM as the second-best player among the top 100 currencies by market capitalization for the past 24 hours, only after the share of smaller-cap altcoin (FXS) frax, which saw an increase of almost a 14%.
ATOM 90 Day Price:
Following today’s gains, the price is now at its highest level since ATOM’s all-time high of $ 44.80 on September 20 of last year, and just shy of breaking the important level. A break above that price would push ATOM into ‘price discovery’ mode at a time when major cryptocurrencies like bitcoin (BTC) and ethereum (ETH) are struggling.
Among the biggest drivers of the recent rally is the enthusiasm for the completion of the major network upgrade known as Stargate. On top of that comes the launch of Evmos, the name given to the implementation of the Ethereum Virtual Machine (EVM) in Cosmos, which is expected to take the interoperability between the two blockchains to the next level.
For the first quarter of 2022, the Cosmos Network roadmap also includes some notable updates, and the addition of a non-fungible token module (NFT) is perhaps the most interesting for users. According to a Cosmos blog post, Evmos will support NFT deployments and host markets where users can “easily swap and deploy NFT.”
Discussing recent moves on Reddit’s Cosmos forum, one user suggested that the strong fundamentals underpinning Cosmos’s growth mean that it is now part of a group of “fantastic projects” that will become more independent of movements in the crypto market. broader, a trend that he calls “the great dispersion.”
Others also shared a similar sentiment, with another user writing “I’ve never seen him do this. BTC folds up like a chair and ATOM doesn’t even notice. “
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