Cosmos (ATOM) Returns with Another Rally
ATOM remained one of the few assets that holds regular rallies, despite the relative weakness of altcoins.
Cosmos (ATOM) is up around 18% this week, staging another rally to regain positions. ATOM remains one of the more actively moving altcoins, with higher volatility and potential short-term returns, while other coins and tokens remain stagnant.
ATOM has outperformed some leading altcoins, almost doubling its price since September’s lows under $2.
The additional spike in the past week is also seen as the tail end of the rally. ATOM managed to reach $4.21, a price not seen since July. ATOM has reached an initial trading peak at $7.50, and has recovered as high as $6.20. ATOM remains relatively volatile, offering 100% short-term gains, without going to outlandish volatility. The asset is also one of the few coins that has not erased much of its value.
But at this point, analysts see ATOM as looking too dangerous, especially after a few days of almost constant appreciation.
Based on CryptoCompare analysis, ATOM has shifted its activity to the CoinEx and Bibox platforms, with a 61% prevalence of the USDT pairing. Previously, ATOM rose based on concerted activity on Binance.
ATOM has also preserved relatively robust volumes for a newly arrived coin, at above $123 million’s equivalent per day. With a market cap above $797 million, ATOM is on track to join the “unicorn” projects that kept a valuation above $1 billion.
The Cosmos project is also appealing due to the possibility to stake the ATOM asset.
The Cosmos project was selected by Binance for its potential to change the blockchain space, and ATOM was given a free listing. The Cosmos project uses the Tendermint technology, allowing consensus and communication between different blockchains. The project also relies on several blockchains, or “zones”, to achieve consensus.
The ATOM asset can be staked through the Cobo wallet, where ordinary users can have the status of delegators.