Cosmos (ATOM) blew up 10.74 percent overnight to set a new price of $39.58, according to crypto data aggregator Nomics, despite the fact that crypto’s combined global market cap of $2.51 trillion has barely moved in the last twenty-four hours.
Cosmos broke the $40 barrier yesterday, reaching an all-time high of $40.76. Today marks a minor retreat, but when considering Cosmos’ explosive recent price performance: it’s still ten dollars higher than seven days ago, and around twenty dollars higher than this time last month.
Cosmos’ developers describe it as a “internet of blockchains.” It’s an interoperability network that allows different blockchains to connect, share data, and transact with one another. The benefit is that blockchains can specialize in different areas, so no single blockchain needs to own the entire market.
On August 18, the price of Cosmos increased by 25% from $15 to $20 following the launch of Emeris, a cross-chain DeFi interface.
Cosmos also opened a bridge with the Ethereum network at the end of August. Sifchain, a Cosmos-based decentralized exchange (DEX), was integrated with the inter-blockchain communication protocol (IBC), allowing trading between the Cosmos and Ethereum networks for the first time.
Cosmos is currently the twenty-first largest cryptocurrency by market capitalization, but at this rate, it would only take $0.8 billion to flip FTX Token and enter the top twenty.