Cosmos (ATOM) Suddenly Becomes Top-15 Cryptocurrency after Binance Listing

Cosmos (ATOM), a lesser-known proof-of-stake cryptocurrency, surged on Wednesday after Binance confirmed it has listed the nascent token on its exchange. As of April 29, ATOM can be accessed on the Binance exchange via three trading pairs: ATOM/BNB, ATOM/BTC and ATOM/USDT.

ATOM Price Update

Cosmos’ native ATOM token surged by as much as 40% this week, where it quite easily scaled the crypto-market ranking. At the time of writing, ATOM was valued at $4.42, representing a gain of 12.1%. It also climbed more than 11% against bitcoin to reach 0.00082191 BTC, according to CoinMarketCap.

Reported trade volumes in the last 24 hours reached $73.1 million. Some of the largest markets for ATOM trades include Hotbit, Bibox, Binance and BitForex.

The ATOM cryptocurrency officially launched back in March and peaked at $8.31. It has a total market capitalization of $830.3 million based on a circulating supply of around 190.7 million.

Cosmos Gets Binance Treatment

Binance, the world’s largest cryptocurrency exchange by volume, confirmed earlier this week that ATOM is now a tradable asset.

“Binance will open trading for ATOM/BNB, ATOM/BTC and ATOM/USDT trading pairs at 2019/04/29 4:00 AM (UTC),” Binance said on April 28. “Users can now start depositing ATOM in preparation for trading.”

Binance CEO Changpeng Zhao tweeted on Sunday that Cosmos hadn’t approached any exchange about a potential listing but that his team decided to “list it anyway.”

Prior to listing ATOM, Binance undertook a significant review of the protocol, including its key features, mission and tokenomics. The research report can be found here.

What is Cosmos?

Described as a “world wide web for blockchains,” Cosmos is creating a new platform for developers where tokens on one distributed ledger can be used in another. As an internet for blockchains, Cosmos is looking to increase collaboration and communication between distributed ledgers, something that is presently lacking in this new economy. It relies on a consensus protocol called Tendermint, which has a fairly active developer community.

In practice, Cosmos operates as a proof-of-stake blockchain focused on enhancing interoperability, scalability and overall usability of blockchain technology. This means scaling blockchain ecosystems to enable inter-chain token transfers. Cosmos developers also have the opportunity to program on-chain governance and stipulate how the ATOM cryptocurrency will deployed.

Cosmos raised more than $16 million via initial coin offering (ICO) back in April 2017. The token sold at a public fundraiser price of $0.10 USD.

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.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi