A day after the long-awaited merger, many cryptocurrencies have lost more than they have gained. The entire market is in the red, with even the best performing brands showing no price increases. Many investors predicted a downtrend following Ethereum’s upgrade to a proof-of-stake mechanism.
Today, the opposite is true. For example, the number one crypto prices have been in the red at 1 hour, 24 hours and 7 days. Bitcoin is currently trading at $19,659.95, which is a 2% loss over 24 hours.
Data from September 16 shows that Bitcoin lost 0.61% in 1 hour, 1.88% in 24 hours, and 6.26% in 7 days.
Besides Bitcoin, Ethereum is the one that has lost the most. The price of ETH is currently at $1,451.49, which shows that it is a far cry from the previous $1,700+. The merger did not result in a price increase as many expected.
But while many cryptos have posted price returns, Cosmos Atom has continued to gain.
Cosmos ATOM Gains Amid Price Crash
Cosmos ATOM price currently stands at $16.16 after adding 11.49% in the last 24 hours. The coin ranks number 20 on the CoinMarketCap crypto ranking. ATOM has recorded some price growth in this period, even when others struggle.
Its price chart today, September 16, showed a continuous rise in green. There were some dips, but not to the red zone. For instance, ATOM’s price stopped at $14.65 on September 15. This morning, it rose to $14.73 and continued climbing until its current price of $16.16 at press time.
Analysts studying the price movement have noted that ATOM highs and lows remained within the ascending channel trendlines. Also, the price recorded a bull break outside the channel and tapped a 200-day moving average before correcting to the midline and 20-MA, confirming each support.
After testing the support, ATOM price continued its uptrend and is trading in the current range topside. Analysts believe it might retest the 200-day MA to flip its level to support.
What Factors Are Pushing Cosmos Coin
Many factors could be linked to the growth of ATOM. One such event is the move of many protocols from Terra to Cosmos Hub SDK. In early September, Delphi Digital announced it would build new projects on the Cosmos network.
As more DeFi protocols and decentralized apps (DApps) flood the ecosystem and participate in its interchain security system, ATOM value skyrockets. The AMMs, DeFi, and DApps operating on the network boost staking and fees, thereby increasing stakers rewards.
Data reveals that ATOM offers 17.75% APY, and 66.75% of the coins in circulation are staked. Also, Cosmos is planning to launch a liquid staking feature that will increase buy pressure on ATOM when deployed in DeFi platforms across blockchains.
All these increased activities in the ecosystem are pushing ATOM prices upwards. Analysts expect to see more gains as the network grows.