Cosmos (ATOM) is one of the most promising altcoins in the crypto industry and the second best performer in the past 24 hours, surpassed only by Arweave (AR), which grew 28% while Cosmos grew 22.91%.
The price of the coin has come quite a journey in 2021, from a modest price of $ 6.4 in early January to a new all-time high of over $ 42. In between there was a meteoric rise and a rapid drop in prices. It broke through resistance and support and still managed to take the lead.
So let’s take a closer look at the price history, any recent events that may have influenced it, and finally let’s take a look at what is expected of the price of the coin in the future.
Kosmos price performance
As mentioned earlier, the Cosmos (ATOM) price started the year at $ 6.4, where it remained for about two weeks with slight fluctuations. After that, however, a strong rally began, caused in part by the project’s own quality and demand, and in part by Bitcoin’s larger rally. Before the third week of January was over, ATOM hit the price of $ 9.5, which means it is up 50%.
What followed was a small correction to a support level at USD 7 and then another, much stronger price spike that took ATOM all the way up to USD 26, making it one of the top performers at the time. After reaching this level in mid-February, Cosmos fell to $ 17, which acted as its main support from February to mid-May. However, the price continued to rise, sometimes being rejected by minor resistances, and sometimes managing to overcome them and reach higher ones.
The coin made a record in mid-May, around the same time as Bitcoin when it hit $ 30. But as pretty much everyone now knows, this was a time when a massive bearish wave struck, causing the value of most coins to be halved while many others lost even more.
ATOM itself fell back to $ 8 despite fluctuating widely, causing it to hover between that support and resistance at $ 16. This situation lasted until August 2021, and while price moved towards stability, the latest growth just didn’t stop in July as it hit previous resistance.
Instead, the price continued to rise in August and then September, despite seeing two seemingly larger slumps from which, thankfully, it quickly recovered. In the past few days, ATOM even hit a new all-time high of USD 44.70, although the price fell to USD 28 in a subsequent correction.
Still, the decline was very brief and three days later ATOM managed to return to levels above $ 40. At the time of writing, Sept. 23, it stands at $ 41.20 after rising 25.20% in the past 24 hours.
Why has Kosmos grown so much?
As some may know, Cosmos is a project that aims to find solutions to some of the toughest problems in the blockchain industry, such as slow speeds, expensive transactions, lack of scalability, eco-friendliness of PoW-based projects, and more.
It was described as Blockchain 3.0 and, thanks to its unique design, the network can be easily built with existing pieces of code instead of having to do everything from scratch.
All of this earned it the nickname “the Internet of Blockchains” because it basically functions as a network of parallel, independent blockchains that are highly secure, scalable, and designed for interoperability between the chains that make up the network.
This interoperability, and the wide world of possibilities it offers, makes Cosmos one of the top performers, as interoperability in general is one of the most desirable qualities of a blockchain network. In fact, many thought ATOM was grossly undervalued, as the price fluctuated between $ 5 and $ 7.5 prior to 2021, as the project now revealed its true potential, allowing it to soar to $ 40 and up .
In fact, the fact that it is undervalued was also mentioned in a recent YouTube video from the Coin Bureau’s host, “Guy”. Guy said that the ATOM market is significantly undervalued. He also highlighted the Cosmos network’s inter-blockchain communications (IBC) – a feature that went live in March earlier this year.
The project also rolled out a cross-chain bridge and a packaged version of Bitcoin on its network about a month ago. In the meantime, it continues to work on completing its vision of making it easier for developers to create blockchains, break barriers between chains, and process transactions seamlessly.
All blockchains would retain sovereignty while transaction processing would be fast and communication between different chains would be enabled. This is intended to enable a number of different use cases that would make the network one of the most important projects on the market.
Of course, Cosmos isn’t the only project focused on interoperability, but Cosmos’ advanced and unique approach has pretty much cemented its position as an industry leader in the sector.
What will happen to the Cosmos award in the future?
The main question now is, of course, whether ATOM can go any further this time or at all?
While this is pure speculation, we believe it is possible. In fact, it is almost certain that it will be. As mentioned earlier, Cosmos is one of the most advanced projects when it comes to interoperability, and interoperability is one of the most important goals of the crypto industry.
The entire crypto industry is moving towards the next form of the Internet – the so-called Web 3.0. This will be a decentralized internet that will run on blockchain technology. However, this version of the web cannot run without the ability to switch between the ecosystems of different projects.
At the moment, each network is isolated and exists as a separate website, but without the ability to switch from one website to another. That is why projects like Cosmos are extremely important and will certainly make a big impact with the presentation of their solutions.
To learn more about this project, visit our Investing in Cosmos guide.