Cosmos (ATOM) Attempts to Break Out from Altcoin Pack
The asset is up 30% from last week, on rumors of listing on Coinbase and Binance.US.
Cosmos (ATOM) broke out of the long slide in the past weeks, adding nearly 30% to its dollar price in a one-week period. The price in Satoshi made an even more dramatic move, up nearly 60% in the past days.
ATOM traded at $2.87, still far from its peaks above $7, and hovers around 28,000 Satoshi, down from highs above 70,000 Satoshi. The asset was one of the few to climb in the summer months, as other altcoins sank, but eventually, the altcoin bear market cut down the prices.
Now, ATOM is giving new hopes, as its price spiked on speculations of a Coinbase listing, as well as upcoming trading on Binance.US, the market that is expected to open within weeks. ATOM is also a relatively new digital asset, not encumbered by a long history of booms and busts, and may be a part of the news batch of coins and tokens to go through a rally.
The climb of ATOM, however, may not signal a true altcoin season. The asset is still an anomaly, becoming one of the bigger gainers. A listing on Coinbase does not guarantee sustained price increases, as in the case of Tezos (XTZ), which only spiked briefly before sliding again.
ATOM gets a boost from Binance trading, hence the effect of immediate price appreciation. More than 59% of all ATOM volumes are in the pairing with Tether (USDT), thus ensuring price discovery independent of Bitcoin (BTC).
ATOM is one of the altcoins recovering today, along with EOS (EOS), which regained 15% to its price in the past week, to $3.67. Other altcoins making a recovery include Litecoin (LTC), up to $71.77, and Cardano (ADA), up to $0.048. Both LTC and ADA are part of the mix on Binance Lending, offering a lockdown on tokens for relatively high annualized gains. The lending has not started yet, but is in coin accumulation stage.
The recoveries of altcoins arrive at a time when the BTC market cap dominance retreated once again, down to 69.7% from a recent peak above 71%. BTC and altcoins are currently re-establishing their positions, as the initial hype for new assets waned in the past two years. While BTC has been bullish, 2019 was a bear market for most altcoins, and recoveries were relatively small, usually erased by a crash.