Cosmos jumped 25% Monday night as the protocol’s ATOM token approaches its all-time high set earlier this year in May.
Cosmos Aims for the Stars
Cosmos is the latest layer 1 blockchain to rally.
The project’s ATOM token rose over 25% Monday night, continuing its upward trajectory from a July reversal. ATOM is currently trading at $25.72 and is quickly approaching its all-time high of $31.70 achieved in May.
Cosmos is not the only layer 1 to rally from July lows. Solana has made a big move this week, breaking past its previous all-time high of $56.20 in mid-August. Since then, Solana has continued to rally and is currently trading at $118.50.
Several other layer 1s such as Avalanche, Cardano, and Fantom have also put in sustained gains following bullish catalysts in what some have dubbed “Layer 1 season.”
High gas fees on Ethereum have forced many users to seek out alternatives for popular activities such as yield farming and NFT minting. Cosmos provides low transaction fees and near-instant confirmation, making it an attractive network for various DeFi applications.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
