Cosmos (ATOM) price up 12%

The price of Cosmos (ATOM) has not been left behind by the current cryptocurrency rally. ATOM is currently trading at $7.66, its highest price since the middle of the month. The coin has gained about 40% in value since its June lows.

ATOM is currently positioned to surpass resistance at $8.4, which could consolidate the bullish trend. The coin also hit its highest level in 11 days on Thursday as prices rose for the fifth straight session.

With the broader cryptocurrency market plunging into a sea of ​​red recently, ATOM has followed suit. However, buyers are watching for some encouraging signs after a dismal 10-week weekend.

Cosmos (ATOM) hosts dydx on its platform

$ATOM is getting a lot of attention as dydx revealed that they will be building their V4 blockchain on the Cosmos platform.

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In their disclosure, dydx praised Cosmos. The most critical feature of the V4 protocol, they say, is its complete decentralization.

The V4 protocol includes a fully decentralized off-chain order book and matching engine. According to dydx, the Cosmos platform allows them to scale to a higher number of orders and cancellations per second.

Cosmos is one of the largest and most important blockchain-based platforms. It employs the Inter-Blockchain Communication (IBC) protocol to guarantee that different cryptocurrencies can connect to each other.

ATOM total market cap at $2.35 billion on the daily chart | Source: TradingView.com

Cosmos, commonly known as the Internet of Blockchains, specializes in helping businesses create their own independent blockchains. Each blockchain will autonomously make its own decisions driven by Tendermint consensus.

Cosmos also created a product called the SDK, which is used in numerous applications. The platform Terra, which collapsed in May, was the most noteworthy project in its ecosystem. ThorChain and Osmosis are two other noteworthy projects developed using the Cosmos SDK.

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ATOM bulls have re-entered the market after breaking last week’s low of $5.50, with prices falling to their lowest level since January 2021. ATOM/USD hit an intraday high of $7.73 earlier on Thursday as optimism increased in the short-term.

According to CMC statistics, the market capitalization of the ATOM token is now well above $2.1 billion, up 13.4% in the green zone over the past 24 hours.

In the face of positive momentum, trade volumes increased slightly. Likewise, trading volume increased by 142% compared to the previous day. However, the bulls still need additional volume to break out of the negative trendline.

Featured image from Exodus Wallet, chart from TradingView.com

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