Cosmos (ATOM) rallied to new all-time high of $41.34, while the rest of the crypto market was fairly quiet.
Cosmos crossed the $40 mark yesterday and hit an all-time high of $41.34, according to CoinMarketCap. Since then the price has corrected some, however when taking into consideration Cosmos’s explosive price recent performance: it’s still over 20% up from seven days ago, and approximately 100% from 30 days ago.
Cosmos is described by its developers as an “internet of blockchains.” It is a project that solves some of the “hardest problems” facing the blockchain industry, and aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols by offering an ecosystem of connected blockchains.
The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other — preventing fragmentation in the industry.
On August 18, the price of Cosmos rallied 25% from $15 to $20 after the launch of a cross-chain DeFi interface called Emeris.
Cosmos also opened a bridge with the Ethereum network, end of August. The integration of Sifchain, a decentralized exchange (DEX) built on Cosmos, with the inter-blockchain communication protocol (IBC) enabled trading between the Cosmos and Ethereum networks for the first time.
At the time of writing, Cosmos is trading at $39.30, and ranked at 23rd cryptocurrency by size of market capitalization.
