in

Cryptocurrency : Why am I investing in Cosmos (ATOM) this week

Cosmos ATOM / USD was created with the intention of allowing the development of a network of cryptocurrency networks that are linked by an open source tool to streamline your transactions.

On July 13, the government proposal for the adoption of the Gravity DEX protocol in Cosmos Hub was approved. This caused quite a stir around Cosmos as followers were inundated with their ATOM tokens.

Looking for quick news, tips, and market analysis? Sign up for the Invezz newsletter today.

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

On July 22 we saw an announcement that The Band Oracle has integrated into Cosmos through Starport, leading to 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 the use of an oracle, as well as the Cosmos interoperability standard, the Communication Protocol. between blockchains (IBC). In other words, any developer building a string 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 demand for ATOM tokens will increase and we can expect an increase in their value.

Should you invest in Cosmos (ATOM)?

On July 22, ATOM was $ 11.

To get a perspective of how high the value of the ATOM token has risen throughout its history, we can look at its all-time highest value of $ 31.70 which occurred on May 7. This gives us insight into the maximum growth potential the token could have in the near future.

That being the case, to have a more realistic image, we will analyze 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 may decrease or increase in value to twice its original value. In other words, it’s now running around the $ 9 to $ 11 mark, which means it has the potential to double that in the near future.

With its recent integration through Starport, we will see many new developments around Cosmos and as such this will lead to increased activity on the Cosmos Hub.

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

Looking at it from an optimistic point of view, 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.

Invest in cryptocurrencies, stocks, ETFs, and more, in minutes with our preferred broker, eToro

7/10

67% of retail CFD accounts lose money

10 athletes who will make history at the Olympic Games

ATP 250 Kitzbühel 2021: Draw