The top gainer in the top 20 coins by market cap was Cosmos (ATOM) which noted close to 19.72% daily gains as the market saw some recovery.
As the crypto market cap steadily climbed up, on the back of 8% Bitcoin gains over the last day, large-cap altcoins like Ethereum, Binance Coin (BNB), Solana, and XRP noted decent price upticks. The top gainer in the top 20 coins by market cap was Cosmos (ATOM) which noted close to 19.72% daily gains at press time.
Bitcoin’s move above the $35K mark came as a much-needed breather as BTC finally oscillated at $36,389.42 at press time, noting 7.79% daily gains. The market turned green on the back of the recent BTC gains, and the global crypto market cap stood at $1.64 trillion, noting a 6.76% increase over the last day. Of the top 20 coins, ATOM had the highest gains and traded at $35.69 at press time.
ATOM’s rise in price was accompanied by a healthy spike in trade volumes, which presented a rising retail interest in the coin as the market presented signs of recovery. Over the last three days, ATOM pumped by almost 25%, and the rising Relative Strength Index highlighted a rise in buyers in the market.
Strong Fundamentals Supporting Growth
In the last week, the release of the first Cosmos ETP by 21Shares on Switzerland’s SIX Exchange sparked positive commentary about the coin. Additionally, strong fundamental factors supported price surge alongside the upcoming airdrops and a bridge implementation between Cosmos and Polkadot.
According to a recent blog post by Cosmos, a Cosmos and Astar (Polkadot) bridge is set to be delivered in Q1, 2022. Astar Network has already implemented a testnet bridge with Secret Network, a Cosmos SDK-based blockchain. However, this testnet bridge is EVM-based, meaning that only blockchains supporting both EVM and Cosmos SDK are compatible with this testnet bridge.
That said, according to market experts, the upcoming launch of EVMOS has further sparked interest in the Cosmos blockchain. At the time of writing, ATOM reaped a yearly ROI vs USD of +368.26 even though its short-term ROI (weekly ROI) was -5.28%. Despite the recent uptick in price, ATOM was still down 20.34% from its all-time high price of $44.36.
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