A day after the highly anticipated merger, many cryptocurrencies lost more than they gained. The entire market is red, and even the top performers are not showing price gains. Many investors predicted a bearish trend after Ethereum upgraded to a proof-of-stake mechanism.
But now the situation is reversed. For example, the number one crypto has been in the red in 1-hour, 24-hour and 7-day price gains. Currently, the The price of Bitcoin That’s $19,659.95 representing a 2% loss in 24 hours.
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September 16 data shows Bitcoin is gone 0.61% in 1 hour, 1.88% in 24 hours and 6.26% in 7 days.
In addition to Bitcoin, Ethereum has lost more. The price of ETH It is currently at $1,451.49, which represents a $1700+ drop from the previous time. The merger did not bring about the price pressure many expected.
But while many cryptos are recording price rebounds, Cosmos ATOM continues to gain.
Cosmos ATOM profit amid price collapse
The value of the Cosmos ATOM It is currently at $16.16 after gaining 11.49% in the last 24 hours. The coin is set at number 20 CoinMarketCap crypto level. ATOM has seen some price growth during this period, even as others have struggled.
The price chart today, September 16, showed a continuous increase in the green. There were some dips, but they were not into the red zone. For example, the price of ATOM stood at $14.65 on September 15. This morning, it rose to $14.73 and continues to rise to its current price of $16.16 at press time.
Analysts studying the price movement have suggested that ATOM’s highs and lows remain within the ascending channel trends. Also, the price recorded a bullish break outside the channel and confirmed every support by touching the 200-day moving average before correcting to the midline and 20-MA.
After testing the support, ATOM price continues to rise and is trading in the current range. Analysts believe it may retest the 200-day MA to support the level.
What are the propellants of the Cosmos Coin?
Many factors can be linked to the development of ATOM. One such phenomenon is the migration of many protocols from Terra to the Cosmos Hub SDK. In early September, Delphi Digital announced that it would build new projects on the Cosmos network.
As more DeFi protocols and decentralized applications (DApps) flood the ecosystem and participate in the interchain security system, the value of ATOM will rise. AMMs, DeFi, and Dapps operating on the network will increase payments and payouts, thereby increasing stakeholder rewards.
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The data shows that ATOM provides 17.75% API, and has a share of 66.75% of the coins in circulation. Cosmos also plans to launch a liquidity crunching feature on ATOM that will increase buying pressure as blockchains deploy on DeFi platforms.
All these increased activities in the ecosystem are pushing the value of ATOM upwards. Analysts expect to see more profits as the network continues to grow.
Featured image from Pixabay and chart from TradingView.com