Cosmos ATOM / USD price is slowly climbing back up after falling on Tuesday. In fact, it has increased by more than 4%. It rose in value to $ 11.72, higher than its previous low of $ 11.24.
ATOM is also roughly 63% below its all-time high, for a total market cap of over $ 2 billion. It is also the 41st largest cryptocurrency in the world in terms of market capitalization.
Tape protocol integration as a catalyst for ATOM growth
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Cosmos is a project that promotes an ecosystem of networks that have the ability to programmatically exchange data as well as their tokens without a central party facilitating the activity.
Every single new independent blockchain is called a zone. This zone is connected to the Cosmos Hub, a hub that keeps a record of the condition. The network has a trading volume of more than $ 177 million per 24 hour interval.
The ATOM token plays a key role in maintaining interoperability between zones. In addition, it can also be used to spend, send, stake out, or hold.
ATOM can be all the more valuable the more blockchains are added within the network that relies on the Cosmos Hub when it comes to maintaining transaction histories. ATOM owners also vote on network upgrades, where each vote is proportional to the ATOM deployed.
On July 22nd, the DeFi Oracle Band Protocol was incorporated into Cosmos to improve interoperability within the ecosystem. With this tape protocol integration in Starport, in addition to the Cosmos blockchain development tool, all newly created chains have the option of exchanging feeds of different data types using an oracle and the Cosmos interoperability standard, known as the inter-blockchain communication protocol (IBC).
This integration will increase the demand for the ATOM token, which in turn should increase its circulating supply as well as its value. This can be seen in the recent price increase of 4%.
Should you buy Kosmos (ATOM)?
On July 28th, Cosmos (ATOM) was worth $ 11.72. Its all-time high was $ 31.70 on May 7.
To get a better understanding of how its value has changed recently, we will analyze June. ATOM peaked at $ 16.78 on June 3. This was followed by a dip of $ 8.08 on June 22nd.
This means that the value has shifted around 51% over the course of this month. The July 28 figure is also 63% below its all-time high and 47% below its June high.
This signals a huge window of growth as the tape protocol implementation has sparked real interest in the network on which many blockchains can be built. In that case, we can expect the value of ATOM to climb to the $ 15 price range by the end of August, making it a worthwhile purchase.
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