Cosmos (ATOM) Rallies After Binance Listing
The asset gained access to some of the leading exchanges at the end of April, boosting its presence.
Following a listing on Binance, Cosmos (ATOM) went through a sudden boost of volumes and the price spiked more than 14% overnight. In the past weeks, ATOM was added to some of the leading exchanges, but the Binance zero-fee listing boosted the project’s influence and trading activity.
ATOM traded at $4.42 as of 10:55 UTC on Wednesday, on volumes above $55 million’s equivalent. The asset may be on track to repeat previous prices, as the recent active trading is creating conditions for a new period of price discovery or a longer rally.
The newly arrived project held its ICO back in 2017, with a price per token of $0.10, making it one of the more lucrative token sales. However, questions were raised whether the recent rally was based on the real qualities of the project:
Cosmos Network received an endorsement from Binance’s CEO Changpeng Zhao, for being one of the projects with a solid track record of building a product and achieving scalability through sharding.
ATOM trades actively on new exchanges like Hotbit, as well as Bibox, and on older markets like Huobi and OKEx. Currently, ATOM is not among the most active assets on Binance, and relies on the niche exchanges for price setting. ATOM is also represented on Poloniex, with a large share of Tether (USDT) trading, making it less dependent on Bitcoin (BTC) valuations.
ATOM has also become highly visible for entering the top 15 of digital assets based on market capitalization:
The market success for this project makes Cosmos one of the rare new additions to the list of networks offering speed and scalability. The difference was that Cosmos managed to raise its ICO haul during peak bull market times, and only released the tokens for trading after the markets started recovering.
There are also doubts that the large supply and the unlocking of tokens may put pressure on the price of ATOM. ICO participants may also be eager to sell. The recent Cosmos listing arrived after the mainnet launch and evidence that the network was stable.