A day after the much-anticipated Merge, many cryptocurrencies have misplaced greater than they gained. All the market is crimson, and even the highest performers should not exhibiting indicators of value positive aspects. Many traders predicted a downtrend reversal after Ethereum’s improve to a proof-of-stake mechanism.
However proper now, the reverse is the case. For example, the primary crypto has remained crimson in its 1 hour, 24 hours and seven days value positive aspects. At the moment, the Bitcoin value is $19.659.95 representing a 2% loss in 24 hours.
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September 16 information reveals that Bitcoin misplaced 0.61% in 1 hour, 1.88% in 24 hours and 6.26% in 7 days.
Other than Bitcoin, Ethereum has misplaced extra. ETH’s value is at the moment at $1,451.49, exhibiting a transfer away from the earlier $1700+. The Merge hasn’t resulted within the value push as many anticipated.
However whereas many cryptos are recording pullbacks in costs, Cosmos ATOM has continued its positive aspects.
Cosmos ATOM Positive aspects Amid Value Crash
Cosmos ATOM value at the moment stands at $16.16 after including 11.49% within the final 24 hours. The coin ranks quantity 20 on the CoinMarketCap crypto rating. ATOM has recorded some value progress on this interval, even when others battle.
Its value chart as we speak, September 16, confirmed a steady rise in inexperienced. There have been some dips, however to not the crimson zone. For example, ATOM’s value stopped at $14.65 on September 15. This morning, it rose to $14.73 and continued climbing till its present value of $16.16 at press time.
Analysts learning the value motion have famous that ATOM highs and lows remained inside the ascending channel trendlines. Additionally, the value recorded a bull break exterior the channel and tapped a 200-day transferring common earlier than correcting to the midline and 20-MA, confirming every help.
After testing the help, ATOM value continued its uptrend and is buying and selling within the present vary topside. Analysts imagine it would retest the 200-day MA to flip its degree to help.
ATOM’s value is at the moment buying and selling at over $15.70. | Supply: ATOMUSD value chart from TradingView.com
What Components Are Pushing Cosmos Coin
Many components may very well be linked to the expansion of ATOM. One such occasion is the transfer of many protocols from Terra to Cosmos Hub SDK. In early September, Delphi Digital introduced it could construct new initiatives on the Cosmos community.
As extra DeFi protocols and decentralized apps (DApps) flood the ecosystem and take part in its interchain safety system, ATOM worth skyrockets. The AMMs, DeFi, and DApps working on the community increase staking and costs, thereby rising stakers rewards.
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Information reveals that ATOM gives 17.75% APY, and 66.75% of the cash in circulation are staked. Additionally, Cosmos is planning to launch a liquid staking function that can improve purchase stress on ATOM when deployed in DeFi platforms throughout blockchains.
All these elevated actions within the ecosystem are pushing ATOM costs upwards. Analysts count on to see extra positive aspects because the community grows.
Featured picture from Pixabay and chart from TradingView.com