Binance Effect: Cosmos (ATOM) Entering Top 15 Cryptos After Listing

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by Bhushan Akolkar · 3 min read
Binance Effect: Cosmos (ATOM) Entering Top 15 Cryptos After Listing
Photo: Coinspeaker

After its listing on Binance, the Cosmos (ATOM) crypto token got a huge boost and massive liquidity propelling the digital currency to new highs.

The Cosmos (ATOM) is the recent entry in the club of top fifteen digital currencies by their market cap. This Proof-of-Stake cryptocurrency atom recently came into limelight after the world’s largest crypto exchange Binance announced its listing earlier this week.

Cosmos (ATOM) is now available to trade on Binance with ATOM/BTC, ATOM/BNB, and ATOM/USDT trading pairs. In the last one week, Cosmos (ATOM) price has surged by nearly 40% as the cryptocurrency now trades at $4.46. In the last 24 hours, there’s a huge buying interest with the daily trading volumes surging to $93 million. At the press time, the Cosmos (ATOM) market cap currently stands at nearly $850 million.

Getting a place at the world’s largest cryptocurrency currency is like adding a new jewel to the crown. Furthermore, Binance CEO Changpeng Zhao himself tweeted this Sunday that Cosmos didn’t approach the exchange for a listing. Instead, the Binance team seems to be impressed with the Cosmos tech and decided to list it anyway.

The Concept Behind Cosmos (ATOM)

Despite a decade of progress in the cryptocurrency and blockchain sector, each crypto token is native to a dedicated blockchain network. Furthermore, there is hardly any technology that supports seamless swapping of tokens between different blockchain networks.

Cosmos aims to remove these barriers and develop a worldwide web of blockchains. The Cosmos platform allows developers to create tokens which can be easily swapped from one distributed ledger to another. This is like an internet of blockchains where different distributed ledgers can communicate with each other. Zaki Manian, the chief of the Cosmos project, said:

“In proof-of-stake, the costs and rewards [of the system] are internal. So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline. All of it has to be internal to the system and that’s why proof-of-stake is such a significant engineering feat over proof-of-work”.

The Cosmos project conducted its ICO back in April 2017 and raised around $16 million at that time. Also, during the ICO, the Cosmos (ATOM) token sold at a price of $0.10 USD.

Many experts in the crypto community have backed the Cosmos project. Experts suggest that token swaps done in a decentralized manner will give users better control over their holdings.

As on date, some of the biggest markets on ATOM trades include Bibox, Hotbit, BitForex, and Binance. As Cosmos makes its way to the top 15 today, we hope for its bright future ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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