Cosmos Surges 12% As Both BTC And ETH Recover

Cosmos surges 12% as Both BTC and ETH recover amid the stabilizing crypto market so let’s have a closer look at today’s latest Cosmos news.

Cosmos surges 12% as ATOM token is the one powering the blockchain network and it Is up by 12.7% in the past day while now it is trading at $11.45. ATOM is the 27^th biggest crypto with a market cap of $3.2 billion but despite the bullish action from today, ATOM trades 74% down from the high of $44.70 that was recorded in September 2021. There was a surge in the coin’s trading volume on different exchanges and the total tradign volume hovered around 7 million in the past day, 11% up from the previous day.
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Cosmos is a decentralized network of parallel blockchains and each of them is powered by the Byzantine Fault Tolerance consensus algorithm. It allows developers to develop their own blockchains and allows for their interaction.

Some of the most popular blockchains in the Cosmo ecosystems include Kadena, Thorchain, and Terra. There are a total of 49 tokens that operate in the Cosmos ecosystem and 28 InterBlockchain Communication blockchains deployed. 265 apps and services support the ecosystem like wallets, blockchains, and explorers. The total value locked in Cronos which is the biggest protocol b tVL in the ecosystem, increased 2.16% to $2.32 billion in the past day.

Kadena’s TVL stands at $7.2 million marking an 18% increase in the past day. Besides the defi activity, the underlying tokens for Cosmos-based tokens are also on the rise. Cronos increased by 4.67%, Kava increased by 8.8%, RUNE by 2.6%, and Kadena by 10.8%. in the meantime, the biggest crypto on the market Bitcoin is up by 4% on the past day and Ethereum trades 4.4% over the past day as well, changing hands at $2,026.

As recently reported, The protocols in the cosmos ecosystem saw a huge amount of growth in 2022 due to the focus on blockchain interoperability and compatibility with the ETH network. One protocol that saw a rise in momentum since March is Kava which is a proejct that developed a co-chain architecture for the Cosmos and the ETH network. The TradingView data shows that the KAVA price turns bullish and climbed 72.3% after hitting a new low of $2.98 to establish a daily high of $5.04. The incentive program is expected to go live with the latest 10 upgrades which will include the launch of the Cosmos and ETH co-chains on the Kava mainnet and the third factor to boost the demand for KAVA was the addition of the new partnership for the network.