The popularity of cryptocurrencies around the world is rising rapidly as the number of cryptocurrencies also increases. However, traders need to do some market research before investing in a cryptocurrency to determine the price prediction of an asset and if it is a profitable investment.
Besides BTC and ETH, which are the two most popular cryptocurrencies around the globe, some new entries like Cosmos (ATOM), among others, have also proved to offer good investment to investors and traders as well.
In this cryptocurrency price prediction article, we shall look at Cosmos price prediction while also looking at its blockchain network to help investors understand how it works and its offers to the public.
What is Cosmos coin?
Cosmos coin (commonly referred to as ATOM) is the native cryptocurrency that powers Cosmos.
The ATOM cryptocurrency allows its holders to contribute to the governance and security of the blockchain network.
Holders also have a chance of delegating (staking) their ATOM tokens to the validators on the blockchain and, in turn, earn more tokens through the proof-of-stake consensus mechanism.
How many ATOM coins are in circulation supply?
The current total ATOM supply is 276,297,040, with 218,508,178 coins currently circulating, meaning only 80% of the coins are available for trading among investors. The remaining 20% is held by two companies: the Interchain Foundation and the All in Bits.
It is important to note that the total supply keeps increasing as more and more ATOM tokens get earned by the users through staking. This makes ATOM different from other cryptocurrencies, which are added to the market through mining.
What is the Cosmos blockchain network?
Cosmos Blockchain Network also referred to as the Internet of Blockchains, is a decentralized ecosystem of interconnected blockchains (decentralized applications) known as Zones. It creates a crypto ecosystem that unites different blockchains through open-source tools that allow streamlined transactions between them.
The first blockchain to be developed was the Cosmos Hub, which forms the core of the entire ecosystem. The other blockchains, developed by other developers, are connected to the Cosmos Hub and interconnected. The Cosmos Hub maintains a record of the Zones in the ecosystem and their states.
The first blockchain to be developed was the Cosmos Hub, which forms the core of the entire ecosystem. Every blockchain application developed by other developers is connected to the hub, which maintains a record of the Zones in the ecosystem and their states.
It is important to note that no central party controls or facilitates activities within the ecosystem. Every Zone can share tokens and data within the ecosystem programmatically.
Key elements of Cosmos
Cosmos ecosystem has five key elements that include:
- Cosmos Hub – This is the core blockchain where the Zones are attached to and it acts as an intermediary between all other blockchains within the Cosmos network. It provides interoperability among all the other developed blockchains in the ecosystem and keeps track of each blockchains state.
- Zones – These are independent blockchains that developers develop and attach to the Hub within the Cosmos ecosystem.
- Tendermint – Tendermint is the consensus mechanism that powers Cosmos and it is responsible for validating transactions and ensuring that the ecosystem is secure through the Tendermint Byzantine Fault Tolerance (BFT) engine that also allows developers to build decentralized applications/blockchains without having to code everything from the scratch.
- Inter-Blockchain Communication Protocol (IBC) – This is the communication protocol that is responsible for connecting the Zones to the Hub thus allowing the free flow of information between each of the interconnected Zones.
- Cosmos software development kit (SDK) – This software development kit allows developers to use blockchain to develop blockchains by leveraging the Tendermint consensus mechanism.
Who are the Cosmos founders?
Cosmos Network was co-founded by developers Ethan Buchman and Jae Kwon in 2014. These two developers are the ones who came up with the Tendermint consensus mechanism, which now powers Cosmos.
Two companies were also very actively involved in developing the blockchain. They are the All in Bits and the Interchain Foundation (ICF), a Swiss non-Profit organization that funds open-source blockchain projects.
The ICF was responsible for conducting the first ATOM token ICO in 2017 that raised about $17 million. However, Tendermint Inc., which later became Cosmos, conducted another fundraising round in 2019, raising $9 million to continue with the project.
What makes Cosmos unique?
One major concern within the blockchain industry is that there are hundreds if not thousands of blockchains around the world, but only a few of them can communicate or share information. Cosmos developers aimed at solving this problem, and that is what Cosmos is doing. It provides a platform for developers to develop blockchain within an ecosystem where they can communicate with each other and send tokens from one blockchain to the other.
That is why Cosmos is commonly referred to as the internet of blockchains.
The Cosmos SDK also allows developers to quickly develop blockchains or decentralized applications without coding the entire program from scratch.
With many blockchains using Cosmos, it is a worthy investment since investors can always find something of interest within the ecosystem.
Advantages of owning the Cosmos ATOM cryptocurrency?
With the world turning to blockchain technology to solve a myriad of problems that affect every industry, blockchain developers are looking for platforms that allow them to develop custom blockchains without having to go through the rigorous process of having to code the entire program from scratch and that is what the Cosmos provides. As a result, blockchain developers could flock to Cosmos, resulting in a hike in the Cosmos price.
ATOM holders can use the token for trading, spending within the ecosystem where several DeFi projects invest in, sending as payments, or even staking to earn more ATOM coins.
Where can you buy Cosmos tokens?
If you think Cosmos is a profitable project, you can buy the ATOM coin from several cryptocurrency exchanges, including Binance, OKEx, and Coinbase.
Once you purchase the Cosmos crypto coin, you can store it either in the crypto exchange where you bought it from or transfer it in any of the following crypto wallets: Atomic Wallet, Cobo, Cosmostation, Huobi Wallet, imToken, Kepler, Ledger, Lunagram, Lunie, Math Wallet, Rainbow Wallet, Qbao Wallet, Trust Wallet, Wetez and Crypto.com.
You can also trade the Cosmos cryptocurrency on these crypto exchanges. However, before starting to trade, it is important to do some technical analysis on Cosmos’ price and do some research and reading to find out what experts say about Cosmos price prediction 2021 2022.
ATOM price history
Figure 1. ATOM price history chart according to CoinMarketCap
The Cosmos cryptocurrency was first listed for trading in Mid-March 2019; its price was about $7.5.
The ATOM coin price remained below the listing price until the beginning of 2021, when the prices started skyrocketing.
Cosmos price hit an all-time high of $32.14 on May 07, 2021, after which the coin has turned to a bearish trend, though it seems to be the current trend among all cryptocurrencies, including BTC and ETH.
Cosmos price analysis
It is essential to analyze assets in the financial markets to determine the estimated market price prediction.
Here we shall look at some technical analysis of Cosmos price to help investors understand what to expect and know which trade to place.
In the short term, most technical indicators indicate that the current bearish trend is coming to an end, and traders should expect a bullish trend.
Figure 2. Comparison of what Oscillators and Moving Averages show (source)
Figure 3. Support and resistance levels to watch in the next 30 days, according to Walletinvestor
A support level shows the lowest price where the market is expected to bounce back upwards, while the resistance level shows the highest level where the market price is expected to bounce back downwards.
Cosmos price prediction 2021, 2022
This section shall look at cosmos price forecast to help investors with ATOM prediction by shedding some light on the expected market cycles, price action, and future price so that they can make informed decisions on how to manage their current investment in case they already have ATOM coins or the cosmos value at which to sell their coins if they decide to hold on to them.
According to Wallet Investor cosmos forecast, the current bearish trend in Cosmos price is coming to an end, and investors should be prepared for a bull rally in the remaining part of 2021 and into 2022.
Figure 4. Cosmos price prediction for the short term according to Walletinvestor website
Figure 5. Cosmos price prediction for the long term according to Walletinvestor website
According to Wallet Investor’s cosmos forecast, the price of ATOM will have tested a maximum price above $25 by July 2021. This price prediction is made using USD predictions.
Cosmos project is a force to reckon with within the blockchain industry, especially because it is solving one of the main challenges in the industry by enabling developers to launch blockchains in an ecosystem where they can share information and carry out transactions with each other.
The ATOM cryptocurrency is ranked 37 by market capitalization with a market cap of $2,394,347,087 and a trading volume of $231,387,945. It is one among the few altcoins whose value is above $1. And going by the cosmos forecast done by analysts as shown in the above sections, the price of ATOM is expected to rise. Every cosmos prediction shows both a bullish trend in the short and long terms.
It is always important to do some thorough research of the cryptocurrency market before investing in any digital coin to understand what to expect especially owing to the high volatility nature of the crypto market.
This price prediction is designed to assist investors in gaining knowledge of Cosmos and ATOM price prediction. If an investor is interested in similar coins, they should look for their respective price predictions.