Cosmos (ATOM) Price Just Went Stratospheric With 28% Gains
The Cosmos project’s ATOM token surged 28% out of the blue on crypto exchanges Thursday. Until ATOM was listed on Binance at the end of April, this blockchain interoperability token was hardly known outside the most avid crypto circles.
It got a massive boost from obscurity on April 29th when Binance users could start buying it with their Binance Coin (BNB), Bitcoin, or U.S. Dollars.
Binance CEO Changpeng Zhao lauded the team at Cosmos for caring more about developing their blockchain solutions than rushing ATOM to exchanges to get a quick payday from the market pump like other projects.
The project hasn’t talked to any exchanges yet to get its token listed. It apparently even refused to talk to Binance about it when C.Z. approached them:
Here is a project that refused to even talk to an exchange about listing (and we have a good relationship with their tech guys), but we list it anyway.
Good tech wins!https://t.co/Zu0uQZuGH6
— CZ Binance (@cz_binance) April 28, 2019
An endorsement like that from Changpeng Zhao likely altered the entire trajectory of ATOM’s price and prospects in 2019. It speaks volumes to the value of the work they’re doing and the integrity of the project’s developers.
In no time the native proof of stake token for the Cosmos project’s blockchain interface software became a top 15 cryptocurrency by market cap globally.
Cosmos did raise over $16 million in April 2018 from an initial coin offering (ICO). Cosmos issued ATOM tokens to buyers at a price of $0.10 USD during the initial crowdfund.
ATOM’s Thursday Bull Run
But Thursday’s price launch was a bit of a surprise. What makes it all the more remarkable is not only the impressive 28% price jump in a few hours, but that ATOM was the only coin out of the top 20 cryptocurrencies by market cap to make any gains at all over the 24 hour period. 24 hour volume was reportedly $271 million.
While ATOM surged, the other top 20 cryptocurrencies fell off by an average of just a little over 5% during the same 24 hour period according to data from CoinMarketCap. As a result, ATOM stuck out yesterday like a bull in a China shop.
Crypto traders and investors had better be careful out there on the exchanges. If the ATOM price gets any hotter the crypto industry might achieve nuclear fission.
What Is ATOM?
Atom is the native token of a stable environment Cosmos is building to allow blockchains to communicate and interact with each other seamlessly. Project enthusiasts call it “the Internet of blockchains.”
Cosmos calls the software protocol it’s building the Inter-Blockchain Communications Protocol. The protocol links side blockchains called “zones” to a central blockchain called the “hub.”
Each zone is protected from malicious actors by the consensus algorithm of the project’s proprietary Tendermint Core software. The goal is to provide greater scalability to other blockchains while executing cross-blockchain transactions.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via TradingView.