by Analytics Insight
March 7, 2022
The strong correlation between Bitcoin prices and all other cryptocurrencies makes it the goal of every project to decouple their prices from Bitcoin.
Or Bitcoin boldly goes, most other cryptos follow. The strong correlation between the prices of Bitcoin (BTC) and all the other 12,000+ cryptocurrencies makes it the goal of every project to decouple their prices from Bitcoin. In a few days, a few cryptos have achieved this.
Bitcoin is currently down 4% in the past 24 hours, trading at $38,153. The decline mimics the overall decline in the cryptocurrency’s market capitalization of $180 billion over the past two days. Ethereum (Eth) is down 5% in the past day. Markets have seemingly lost steam after the skyrocketing popularity of crypto following successful donations to Ukraine (over $30 million) as well as thousands of Ukrainians and Russians turning to the cryptography to save their wealth against falling currency prices.
The top 20 cryptocurrencies are still up on the seven-day averages, but only one is showing significant gains in the past 24 hours. This coin is the Cosmos ATOM token, showing gains of 2% when considering the last 14 trading days.
Why is the ATOM of Cosmos soaring?
Cosmos’ strong growth has seen it overtake Dai to become the 19th largest cryptocurrency by market capitalization, according to CoinMarketCap. This impressive performance is linked to a number of new announcements. Chief among them is the announcement by crypto exchange FTX that it would list ATOM on a spot market basis. The ATOM-USD and ATOM-USDT trading pairs quickly became available on March 1 when other cryptos began to stabilize in growth.
But Cosmos is more than just a cryptocurrency – the project has a larger goal of interconnecting blockchains in an efficient and environmentally friendly way. The Cosmos ecosystem just saw a new connection (Astar Bridge) that connects several Cosmos blockchain projects to Polkadot. This connects the entire Cosmos ecosystem to Polkadot using Astar’s multi-chain multi-VM smart contract hub.
ATOM is currently trading at $27.54 with 24-hour trading volume ($1.01 billion) outpacing Polygon, Cardano, and even BNB.
What other cryptos have seen exciting announcements?
The WAVES token, from the Waves crypto project, is another that is showing impressive gains. That is 5% in the last 24 hours and 105% in the last seven days. Waves is not in the top 20 cryptos but demonstrates the power of strong announcements in a level or bearish market. Waves is a versatile blockchain platform supporting DApps and smart contracts. Its recent rise, however, may be related to Binance’s announcement that it will accept WAVES tokens as collateral on its lending platform.
EverGrow Coin is another crypto project outside of the top 20 that saw impressive gains of 30% in the past week. While major cryptos are on the decline, EverGrow Coin’s growth is tied to the impending rollout of two key utilities: an NFT marketplace and the world’s first crypto-integrated social media platform, Crator. EverGrow PartThe NFT Marketplace will enable easy trading and minting of NFTs, as well as the world’s first NFT lending capabilities, meaning NFT owners can take out stable loans using NFTs as collateral. This opens up a whole new avenue to monetize NFTs without selling them.
However, Crator is the most popular of the EverGrow Coin developments. Not only can the platform bring cryptocurrencies to a wider audience, but any revenue will directly benefit EverGrow Coin holders. Indeed, EGC is a hyper-deflationary token with stablecoins (BUSD) – additional revenue will see a combination of increased coin burns and even bigger rewards (more $35 million was paid for in 4 months of operation).
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