ATOM Surges By 30% Despite Altcoin Market’s Continued Slump

ATOM Surges By 30% Despite Altcoin Market’s Continued Slump

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Bitcoin has made gains over the course of this year, and this week was another strong one for the leading cryptocurrency.

Bitcoin made a 3% gain over the week as the crypto asset moves towards breaking its current resistance point.

Consistent with how the markets have been performing over the first half of the year, the majority of altcoins struggled to make any gains over the week as Bitcoin continues to surge.

These altcoins are suffering as a result of negative perception towards the altcoin market. Despite general low activity among the altcoins, one of them has surged on the market and made significant gains.

Cosmos surges on crypto markets

Cosmos has risen on the markets with a surge that is a rare sight on the crypto markets in recent times.

The company’s token, named ATOM, has gained about 30% over the past 24 hours as traders engage with the crypto asset in their numbers. The token’s price rose from a low of $2.50 to trade at almost $3.30 during Asian trading hours.

Trading volume for the asset has reached $200 million, and this is a significant rise for the altcoin which has been in a downward spiral since June.

The highest number of ATOM trades have occurred on a cryptocurrency exchange called Hotbit. One third of all ATOM tokens in existence have been traded over the past 24 hours, which shows that there may be high demand for the altcoin in the Chinese market at the moment.

It is yet to be seen if the demand will extend to other markets and if it does, ATOM will continue on its meteoric rise on crypto markets.

Cosmos is described as a decentralized network which accommodates independent parallel blockchain networks. The blockchain networks are run using a BFT consensus algorithm.

Cosmos is a rising star in the crypto world, and its native token has surpassed Marker and Chainlink as far as market capitalization goes. ATOM’s market capitalization has grown past the $600 million marks and sits just below NEO on market cap charts.

The firm itself has not made any announcement to explain what could be the factors behind the pump being experienced by their native token. The surge comes after the token has been listed on Voyager Digital, a Canadian crypto broker.

The brokerage platform announced the listing of BTT and Tezos alongside ATOM. The number of assets available on the brokerage platform is now 27. This listing could partly explain why ATOM trade has surged over the past 24 hours.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.