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News: Cosmos Defies Crypto Crush With 30% Surge For ATOM

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0:00:00 Cosmos Defies Crypto Crush With 30% Surge For ATOM

0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:10 The week has ended positively for Bitcoin which has made a move up to resistance, gaining 3 percent on the day.

0:00:17 The same cannot be said for the majority of the other crypto coins, which are still languishing at lows and unable to get in gear.

0:00:24 That is all except one which has taken off like a rocket today in a move reminiscent of the 2017 altcoin pumps.

0:00:31 It is another day of tedium for crypto markets and altcoins, with most of them lulling around the bottom of the digital pond with less momentum than an ageing sloth.

0:00:39 Only one shining star is among them at the moment and it has just had a price pump rarely seen for any crypto asset in recent times.

0:00:47 ATOM has surged over 30 percent over the past 24 hours climbing from yesterday’s low of around $2.50 to hit a high of just below $3.30 a couple of hours ago during Asian trading.

0:00:59 Volume has cranked to over $200 million for this token which has been on a downward slide since June along with its siblings.

0:01:07 According to the blurb on its website, Cosmos is a decentralized network of independent parallel blockchains, each powered by BFT consensus algorithms.

0:01:16 Its native token has now surpassed Chainlink and Maker in terms of market capitalization which has just exceeded $600 million.

0:01:24 It is just behind NEO which currently holds 20th spot in the market cap charts.

0:01:29 The majority of trade is currently taking place at what appears to be a Chinese exchange called Hotbit.

0:01:35 Over a third of all ATOM tokens have been traded there in the past 24 hours indicating huge demand by Chinese traders if this is the case.

0:01:43 Thanks for checking this video!
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