Cosmos up in crypto bloodbath and major market turmoil

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crypto

 

While almost all of the major cryptocurrency investments are tanking, one altcoin is up today from yesterday, although it’s still down over the week.

 

The Cosmos Atom project has, as Dalmas Ngetich says at Coingape, “recovered from last week’s lows.”

 

“Binance US has announced plans of listing Atom, the native currency of the interoperable blockchain, Cosmos, on its staking platform,” Ngetich writes. “Amid these news, Atom has recovered from last week’s lows and is up 3% in the last trading day but still down double-digits week-to-date … For Atom holders, this is bullish news.

It is even better for the safety of the network because Atom will earn rewards from user funds and redistribute them to holders.”

 

Ngetich cites stable network practices as bullish incentive for Atom holders.

 

There’s also news that Kava, a cross-chain decentralized finance project with a Cosmos foundation, is going to be added on the Binance exchange.

 

So what is Cosmos, anyway?

 

According to its founders, Cosmos is “a decentralized network of independent parallel blockchains, each powered by consensus algorithms like Tendermint consensus.” A spokesperson further describes “an ecosystem of blockchains that can scale and interoperate with each other.”

 

As with some of this other kind of technical jargon, we have to go to Reddit to see what independent users are saying: Some of them are asking each other whether it’s a scam or not, based on the project’s ICO.

“I read the (Cosmos/ATOM) ICO price was $0.10, and they raised $17 million,” writes u/GregorioThomassoni. “Within a few months the coin price hits $5 and the market cap is already $1 billion.”

Some of the responses, analyzing the Cosmos track record, suggest that the sudden value spike may be suspect or lead to dumping later on.

“My thoughts: ICO investors are up 50x,” writes computerfreund. “Atom is quickly available on many exchanges that allow for a lot of liquidity. Now guess what people do when they are up 50x and they meet lots of buyers on all these exchanges.”

Will early investors dump Atom? Can they? And what will happen to the rest of the crypto market? Stay tuned.

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