2021-7-29 17:11 |
The Cosmos ATOM/USD price is slowly crawling back up after it fell on Tuesday. In fact, it has climbed by more than 4%. It raised its value to $11.72 which is higher than its previous low of $11.24.
ATOM is also about 63% lower than its all-time high value, bringing the total market capitalization over $2 billion. It is also the 41st largest cryptocurrency in the world in terms of market capitalization.
The Band Protocol Integration as a Catalyst for ATOM GrowthCosmos is a project that fosters an ecosystem of networks that have the opportunity to share data as well as their tokens programmatically, without any central party that facilitates the activity.
Every single new independent blockchain is called a zone. This zone is tethered to the Cosmos Hub, a hub that maintains a record of the state. The network has a trading volume of more than $177 million per 24-hour interval.
The ATOM token plays a key role when it comes to maintaining interoperability between the zones. Furthermore, it can also be used for spending, sending, staking, or holding.
ATOM can be more valuable the more blockchains are added within the network that relies on the Cosmos Hub when it comes to the maintenance of the transaction histories. ATOM holders also vote on network upgrades, where each vote is proportional to ATOM staked.
On July 22, The DeFi Oracle Band Protocol was integrated into Cosmos with the intention of boosting interoperability within the ecosystem. With this Band Protocol integration in Starport, alongside the Cosmos blockchain development tool, any new chains that are created have the ability to exchange feeds from different types of data through using an oracle as well as the Cosmos interoperability standard known as Inter-Blockchain Communication protocol (IBC).
This integration will increase the demand for the ATOM token, which in turn should raise its circulating supply as well as value. This is evident in its recent 4% price increase.
Should you buy Cosmos (ATOM)?On July 28, Cosmos (ATOM) was worth $11.72. Its all-time high value was $31.70 on May 7.
To get a better understanding of how its value has shifted as of recently, we will be analyzing June. ATOM peaked on June 3 at $16.78. This was followed by a dip on June 22 with a value of $8.08.
This means that over the span of that month, the value shifted by around 51%. July 28’s value puts it 63% below its all-time high value as well and puts it 47% below June’s highest value point.
This signals a huge window for growth, as the Band Protocol implementation has sparked a genuine interest in the network, on top of which many blockchains can be built. This being the case, by the end of August we can expect the value of ATOM to rise to the $15 price range which makes it a worthwhile purchase.
The post Is it now the right time to buy Cosmos (ATOM)? Here is my price prediction. appeared first on Invezz.
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