The whole Crypto market is down but the atom(cosmos ) is continuously rising, Why?
The Ethereum Merge has finally happened. It’s over, and fortunately, it went smoothly without any major hiccups.
There does happen to be an outlier, and its name is Cosmos (ATOM). To the surprise of some, it’s one of the few green assets on the charts on Merge day.
Currently, the altcoin reflects a 9.4% gain and it has rebounded strongly off its Sept.14 low at $13.19.
ATOM price continues to make higher lows and higher highs while trading within the trendlines of an ascending channel.
After testing support, price resumed the uptrend and now trades in the top of the current range and is likely to retest the 200-MA in an attempt to flip the level to support.
Cosmos growth chart
Essentially, what we see is Metcalfe’s law in effect. As the ecosystem grows, the network grows, total value locked increases and liquid staking gives additional utility to staked assets, which also enter a cycle of being purchased, staked and minted to stablecoin or IOUs and then used within the ecosystem to fuel additional growth.