Cosmos (ATOM) Just Broke Past $8 For the First Time Ever

Nick Chong

4 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Just minutes, the price of Cosmos (ATOM) surpassed $8 for the first time ever. As of this article’s writing, the price of the cryptocurrency is $8.25 — up over 30% in the past 24 hours alone.

This means that ATOM is outpacing all other cryptocurrencies in the top 100. Bitcoin, for instance, has rallied a mere 0.25% in the past 24 hours as the cryptocurrency enters a consolidation pattern.

BTC actually consolidating is actually what is partially enabling this rally as altcoins thrive in periods of low volatility.

Cosmos Breaks Past $8

Just minutes ago as of this article’s writing, the price of the leading altcoin Cosmos surmounted $8 for the first time ever. The asset reached $8.50 at the peak of the rally but has since retraced to the $8.25 region.

Chart of ATOM's price action from TradingView.com

ATOM may be limited in its ability to rally over time, though.

Kelvin Koh, a partner at The Spartan Group and a partner at Goldman Sachs, said that ATOM only captures a part of the value of the Cosmos ecosystem, which is different than other cryptocurrencies:

$ATOM captures only part of the value of the Cosmos ecosystem ie there are other hubs. $DOT represents the value of the entire Polkadot ecosystem.

Photo by NASA on Unsplash
Price tags: atomusd, atombtc
Charts from TradingView.com
Cosmos (ATOM) Just Broke Past $8 For the First Time Ever

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.