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Saturday, May 28, 2022

Cosmos Is Almost Nearing Its All-Time High

One of the many projects that have had a bullish start to the year due to its focus on facilitating communication between separate networks has been Cosmos. This project has coined itself as the internet of blockchains and is currently seeking methods that would facilitate the development of an interconnected economy of decentralized finance.

This has all been due to the network interoperability of Blockchain which is shaping up to be one of the driving forces for the ecosystem of cryptocurrency in the new year. Most of the new users have been getting onboard into this ever-growing world of crypto, while both established and amateur projects have been searching for the best ways through which they can serve both their community and their protocol.

Cosmos Moving Towards An Inevitable High

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According to data received from TradingView and Cointelegraph Markets Pro, it has been highlighted that ever since touching a bottom of $25.06 on the 30th of December, the price of Cosmos went up by 75% to touch a daily high of around $43.98 on the 4th of January as the trading volume over 24 hours spiked to a sum of $2.54 billion.

There have been a couple of reasons behind this increase in the price of ATOM which also includes the launch of a cross-chain bridge that makes it compatible with the Ethereum Virtual Machine. 

One of the major catalysts behind the development of Cosmos has been the rollout of Evmos- which is an EVM-compatible protocol that would allow most projects and assets that operate on the network of Ethereum to transfer over to the ecosystem of ATOM. Up to this point, there weren’t many ways for Ethereum- based projects to interact with the ecosystem of ATOM. But now, there is. 

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Gravity Bridge, which saw itself being launched on the 15th of December, is yet another project that has been dedicated to facilitating the bridging of assets between Cosmos and Ethereum and currently operates as a standalone chain. 

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