Why Cosmos Surged More than 7% Today
Cosmos (CRYPTO: ATOM) is among the leading decentralized blockchain projects focused on high-performance interoperability. Through its core Inter-blockchain Communication (IBC) protocol, Cosmos aims to enable fast, secure transactions for millions of users seeking to benefit from applications spanning multiple blockchains.
Unfortunately for investors in Cosmos and its native ATOM token, it's been a pretty consistent downward ride over the past year, with this token losing nearly 50% of its value over this time frame. Much of this move can be directly correlated to some rather unfriendly commentary from Christopher Goes (co-founder of Anoma), who believes the death certificate for Cosmos has been signed. His commentary centers on the idea that many major hubs have shifted to maintenance mode or collapsed on the Cosmos network, while other prominent projects have left the ecosystem altogether.
Cosmos bulls will undoubtedly disagree with this thesis, and there is one key update this past week that appears to be spurring an uptick in investor demand for this large-cap cryptocurrency. Let's dive into why this token surged 7.6% today over the past 24 hours (as of 1:30 p.m. ET), and where it may be headed from here.
Source Fool.com
