The Cosmos price soared on Thursday as interest in altcoins resumed. The ATOM price jumped by more than 5.6% and reached a high of $35. This rally brought its total market capitalization to more than $9.1 billion, propelling it into the top 20 biggest cryptocurrencies in the world.
What is Cosmos crypto?
Cosmos is a fast-growing blockchain platform whose model is to be the internet of blockchains. It enables developers to build decentralized applications which are connected through the Cosmos ecosystem.
In the past few years, demand for Cosmos has jumped substantially. Indeed, the number of blockchain applications using the network has risen to more than 255. As a result, the amount of total digital assets secured using the network has risen to more than $102 billion.
Indeed, many well-known blockchain projects use the network. Some of the best known are Binance Coin, Crypto.com Coin, Osmosis, OKExChain, and Hard Protocol, among others. ATOM is the native token used in the ecosystem.
The most recent addition to Cosmos was Gravity DEX, which is a cross-chain DeFi protocol that enables users to swap, transfer, and pool assets across multiple chains at a relatively low cost.
The Cosmos price is rallying today because of the overall demand for altcoins. Indeed, a closer look at CoinMarketCap shows that most altcoins like Cardano, Terra, Avalanche, and Algorand are up by double digits.
Ironically, this rally happened even after the relatively hawkish Bank of England (BOE) and Federal Reserve decisions. The two important central banks signalled that the era of easy money is about to come to an end. Therefore, the rally is mostly because of investors who sold the rumours and are now buying the news.
Cosmos price prediction
The hourly chart shows that the ATOM price has jumped by more than 45% from its lowest level this month. Along the way, it has moved above the important resistance level at $29.40. It has also risen above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been on an upward trend.
The current level is along the descending trendline shown in black. Therefore, a bigger bullish breakout will be confirmed if the price moves above the key resistance at $36. On the flip side, a drop below the key support level at $32 will invalidate the bullish view.
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