A sluggish Bitcoin doesn’t always mean weak price action across the rest of the market.
Cosmos’ ATOM token is up 19% in the last 24 hours, defying a lack of momentum among leading assets like Bitcoin, Ethereum, and Binance Coin. According to data from CoinGecko, it’s currently trading at $31.04 following a relatively slow week of market activity for the asset.
Cosmos has suffered relative to many other crypto assets in recent weeks. Since hitting an all-time high of $44.42 in September, it’s consistently failed to break out of resistance while the likes of Avalanche, Solana, and Ethereum have posted record highs.
Cosmos is setting out to become the “Internet of blockchains.” It connects individual neworks and offers interoperability between chains via the IBC Protocol. Terra, THORChain, and Secret Network all use Cosmos’ own software development kit and can connect with one another via the IBC Protocol.
