As most of the crypto market stagnates, Cosmos has been on a tear over the weekend, gaining 35% since Saturday morning Asia time to reach an all-time high of US$44.54 this morning, according to CoinMarketCap.com.
Fast facts
- Though it dropped slightly to US$41.72 just before press time, this jump marks the first time the ATOM token has crossed the US$40 mark. Gaining over 360% since mid-July, Cosmos now has a market cap of US$9.6 billion, coming in at number 20 on the world’s largest coin list — overtaking the Internet Computer token in the past 24 hours as well.
- In late August, trading between the Cosmos and Ethereum networks was enabled through integration with SifChain — the decentralized exchange built on the Cosmos blockchain — and the inter-blockchain communication protocol (IBC).
- Cosmos is among a handful of tokens that continued to perform well during last week’s market pullback, all of which gained roughly 15% as most of the rest of the market slumped. This group, which also included Polkadot and Avalanche, all supported smart contracts and their gains were speculated to be in response to investors looking for alternatives once fellow smart contract capable blockchain Solana’s price tear appeared to be over.
- With Solana’s recent tear and number three blockchain Cardano’s recent Alonzo upgrade launching just over a week ago, there has been a great deal of interest in smart contracts — the piece of code that facilitates decentralized finance — recently as investors race to put their money behind a projected “Ethereum killer.”