Cosmos Increased By 13% Defying The Crypto Market Dip

Cosmos increased by 13% and similar tokens based on the same network are all defying the broader crypto market drop so let’s read more today in our latest Cosmos news.

Cosmos’ ATOM and other cryptocurrencies built on a network like Osmosis and Akash Network are in the green today despite the broader crypto market seeing a huge dip in price. According to CoinGEcko, Cosmos increased by 13%, and  ATOM is now priced at $43.05 and over the past day, it increased by 12.5% with the previous week ATOM reaching a price hike of 42%. OSMO is a fast-growing decentralized exchange that is having a similar path. It is now valued at $8.95 the coin jumped by over 9.8% in the past day and almost 50% in the past week.

AKT is now valued at $2.82 which saw an increase of 11.9% on the day. The decentralized cloud computing project leads the group regarding the weekly gains with a percentage movement of 57%. Both AKT and OSMO are built using the Cosmos developer kit as a set of tools that allow projects to be built using the underlying blockchain technology rather than building it from scratch. The main reason behind the price movements could be the fact that there’s a lot of activity happening on Cosmos-related projects. According to the reports, Osmosis surpassed the $1 billion mark in terms of total value this week while AKASH also experienced a serious uptick in inactivity. According to Akashlytics the data metrics platform for the provider, the daily AKT spent surged this week.

The coins were also defying the terrible start of the year for the crypto markets. In the past week, Bitcoin and Ethereum dropped immensely and BTC even traded below $41,000. Earlier this week, the Federal Reserve Indicated that it could accelerate the plans to raise interest rates and this could make it more difficult to borrow causing the US equities to fall in lockstep in the wider market.

As recently reported, The algorithmic stablecoin platform hit a new high as all other Cosmos coins or based on Cosmos, posted double-digit gains in December. After it surpassed Binance Smart chain as the second biggest Defi protocol, Terra’s LUNA token reached an all-time high of $97.90 and at the time of writing, the coin is over $95 marking an increase of 12.8% just as 2021 was ending. Despite only 13 projects built on the terra Ecosystem, the total value locked in the protocol reached $20.7 billion, or a 15% increase and 64% over the last week of 2021.