The market has been seen to additional dip as main cryptocurrencies proceed to fall in the direction of their most up-to-date assist ranges. This solely amplified the losses of the altcoin market to carry tokens like Cosmos (ATOM) all the way down to the bottom. In line with CoinGecko, the token has misplaced nearly 23% since final month and drags any hope for restoration to greater value ranges.
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Regardless of its current underperformance, the Cosmos ecosystem noticed developments which will stem the bearish tide. Nonetheless, it stays to be seen whether or not these current on-chain developments have a particular impact on ATOM’s future efficiency.
Balanced DAO Adopts Inter-Blockchain Communication Protocol (IBC)
The official Cosmos X account not too long ago introduced that Balanced, a stablecoin platform and decentralized trade, has adopted the Inter-Blockchain Communication (IBC) protocol, making it a part of the Cosmos ecosystem.
Balanced enters the #interchain
Via the IBC integration, @BalancedDAO brings its cross-chain DeFi platform to Cosmos SDK chains – with connections to @archwayHQ & @injective already reside.
Within the weblog put up under, study extra about Balanced ⬇️https://t.co/igDR3YdNfp
— Cosmos – The Interchain ⚛️ (@cosmos) August 27, 2024
In line with their weblog put up, Balanced adopted the IBC as a method to hook up with as many chains as doable, bettering on-chain scalability whereas offering proportional safety.
Impressively, the implementation section of the IBC adoption went easily with builders on Balanced opened communication channels between the Steadiness chain and the IBC with out requiring a tough fork for the community’s current cross-chain connections. Cosmos advantages by means of Balanced’s massive connection pool with large names like Solana, Polygon, and lots of extra.
$1.03b in transfers and a pair of.3m month-to-month lively accounts: 30d IBC Community Stats from July – August. 🔥
Let’s discover the @mapofzones 👇
This month, 118 chains had been actively linked by means of IBC and processed $1.03b in transaction quantity.@osmosiszone drove the best IBC quantity… pic.twitter.com/bgav1S9Oh7
— IBC (@IBCProtocol) August 28, 2024
This contributed to Cosmos’s most up-to-date achievement: reaching 2.3 million month-to-month lively accounts and over $1 billion in transfers. The accomplishment comes after the truth that the community has reached over 118 chains linked by means of IBC this month.
Cosmos’s largest achievement by far is the rising adoption of IBC as a cross-chain communication normal. IBC’s safety whereas nonetheless being versatile and scalable makes it a beautiful resolution for cross-chain communication.
Cosmos: $4.6 Reveals Important Hurdle For ATOM’s Upside Potential
ATOM is wrestling management of $4.6 within the brief time period with the bulls trying to flip it to assist. This bullish habits means that investor sentiment has been strengthened by the current on-chain developments that occurred throughout the final 2 weeks.
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This leaves traders with an open street towards $6, however earlier than this potential is realized, ATOM bulls ought to give attention to the short-term flip of $4.6 as a assist stage. The token revisited this value stage two occasions already; third if its present place is counted.
This makes $4.6 each a major assist stage and a hurdle for any upward potential. If the bulls fail to take this value stage, the bears will eye $4 as a goal. This locations ATOM at a major drawback with no strong assist in the long run.
Nonetheless, bullish success on this stage bodes properly for ATOM because the token will stabilize on the $4.6-$5.1 vary, giving sufficient wiggle room for brief and medium time period features whereas securing a long-term resolution for a climb towards $6.
Featured picture from Medium, chart from TradingView