Just minutes, the price of Cosmos (ATOM) surpassed $8 for the first time ever. As of this article’s writing, the price of the cryptocurrency is $8.25 — up over 30% in the past 24 hours alone.
This means that ATOM is outpacing all other cryptocurrencies in the top 100. Bitcoin, for instance, has rallied a mere 0.25% in the past 24 hours as the cryptocurrency enters a consolidation pattern.
BTC actually consolidating is actually what is partially enabling this rally as altcoins thrive in periods of low volatility.
Cosmos Breaks Past $8
Just minutes ago as of this article’s writing, the price of the leading altcoin Cosmos surmounted $8 for the first time ever. The asset reached $8.50 at the peak of the rally but has since retraced to the $8.25 region.
Chart of ATOM's price action from TradingView.com
ATOM may be limited in its ability to rally over time, though.
Kelvin Koh, a partner at The Spartan Group and a partner at Goldman Sachs, said that ATOM only captures a part of the value of the Cosmos ecosystem, which is different than other cryptocurrencies:
$ATOM captures only part of the value of the Cosmos ecosystem ie there are other hubs. $DOT represents the value of the entire Polkadot ecosystem.
Photo by NASA on Unsplash Price tags: atomusd, atombtc Charts from TradingView.com Cosmos (ATOM) Just Broke Past $8 For the First Time Ever
