I’m investing in Cosmos (ATOM) This week [22 July], and this is why!

 is now a good time to buy ATOM?

Cosmos ATOM/USD was created with the intention of enabling the development of a network of cryptocurrency networks that are all united by an open-source tool for streamlining their transactions.

On July 13, the governance proposal for the adoption of the Gravity DEX protocol on the Cosmos Hub passed. This led to a lot of hype surrounding Cosmos, as supporters flooded with their ATOM tokens.

On July 19, Grayscale said that they have been considering operating individual trusts for DeFi tokens, one of which is Cosmos (ATOM). This would lead to an increase in the usage of the token, and as such, increase its demand as well as circulating supply which can lead to a heightened price.

On July 22 we saw an announcement that The Band Oracle has been integrated into Cosmos through Starport, which leads it towards the further realization of the internet of blockchains.

With this implementation in Starport, the Cosmos blockchain development tool, newly created chains will be able to exchange feeds of different types of data through using an oracle as well as the Cosmos interoperability standard, the Inter-Blockchain Communication Protocol (IBC). In other words, any developer that builds a chain using Starport can add a data-query function from an oracle.

This means that we will see a lot of activity on the Cosmos blockchain in the future, and as a result, the ATOM token demand will increase and we can expect an increase in its value.

Should you invest in Cosmos (ATOM)?

On July 22, ATOM was $11.

To get a perspective as to how high the ATOM token has gone up in value throughout its history, we can look at its all-time high value of $31.70 that occurred on May 7. This gives us a perspective on the maximum potential for growth the token might have in the near future.

That being the case, to get a more realistic picture, we’ll be analyzing the month of June.

ATOM saw its highest point on June 3 with a value of $16.46 and its lowest point on June 22 with a value of $8.80.

This gives us an indication that the token can drop, or raise its value by double its original value. In other words, it is now circulating at the $9 to $11 mark, which means that it has the potential to double that in the near future.

With its recent integration through Starport, we will see a lot of new developments surrounding Cosmos and as such, this will lead to a heightened activity on the Cosmos Hub.

In fact, in the last 24 hours, it saw an increase in its trading volume by 17%.

Looking at it from an optimistic standpoint, at the $11 price point ATOM is a worthwhile investment as it is expected to rise to $15 in value by the end of July.

The post I’m investing in Cosmos (ATOM) This week [22 July], and this is why! appeared first on Invezz.

Publication date: 
07/22/2021 - 19:37
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.