Cosmos’s interoperability network is experiencing a resurgence of popularity.
However, despite the fact that crypto’s total worldwide market cap of $2.51 trillion has barely moved in the last twenty-four hours, Cosmos (ATOM) has surged 10.74 percent overnight to record a new price of $39.58, according to cryptocurrency data aggregator Nomics.
Cosmos broke above the $40 barrier Wednesday, reaching an all-time high of $40.76 per share. When you consider Cosmos’s extraordinary recent price performance, today’s pullback is insignificant: the cryptocurrency is still ten dollars higher than it was seven days ago, and approximately twenty dollars more than it was at this time last month.
“An internet of blockchains,” according to the project’s developers, is what Cosmos is. Because many blockchains can specialize in different sectors, it is not necessary for one blockchain to control the entire market. It is an interoperability network that allows different blockchains to communicate with one another, share data, and transact with one another.
At the end of August, Cosmos also announced the opening of a bridge to the Ethereum blockchain. The integration of Sifchain, a decentralized exchange (DEX) created on the Cosmos blockchain, with the IBC permitted trade across the Cosmos and Ethereum networks for the first time, paving the way for future development.
According to market capitalization, Cosmos is currently the twenty-first largest cryptocurrency, but at this rate it would only take $0.8 billion for it to surpass FTX Token and enter the top twenty-five cryptocurrencies.