Cosmos gaining upwards momentum jumping 17% in the last 2 days

In a recent spike in volume, the Cosmos blockchain token (ATOM) is trying hard to get away from lower lows, summing a 17% rise as of writing.

ATOM, the token from the Cosmos blockchain is up 10% at the time of writing in the last daily candle. The 27th-largest cryptocurrency by market capitalization is currently trading at $12.06.

But don't get too excited, despite the last two days' bullish action, ATOM still trades 74% down from its all-time high of $44.70 recorded in September 2021, and the coin is still very correlated to Bitcoin's (BTC) price action.

There has been a spike in the trading volume across different exchanges. Its total trading volume hovers around $327 million over the past 24 hours, 11% up from the previous trading day.

Cosmos is a decentralized network of independent parallel blockchains that allows developers to develop their own blockchains and allows all Cosmos-based blockchains to interact with one another. 

Some of the more popular blockchains within the Cosmos ecosystem are the recently collapsed Terra, Kadena, Thorchain, and the crypto.com's chain, Cronos.

The Cosmos chain

The Cosmos ecosystem is currently the home for a total of 49 tokens and 28 InterBlockchain Communication (IBC) enabled blockchains deployed as well. 

A total of 265 apps and services support the cosmos ecosystem including blockchains, wallets, and explorers, according to data from Cosmos.

The total value locked (TVL) in Cronos, the largest protocol by TVL in the ecosystem, increased by 3.48% to $1.92 billion over the past seven days. As for Kadena, its TVL stands at $6.5 million, up 56% over the past seven days. Thorchain, with a TVL of $451 million, lost 21.51% in the last seven days and Kava has experienced some growth in the same time span, with a 22.79% rise in the last seven days, pushing its TVL to $391 million, according to data from DefiLlama. 

Meanwhile, the largest cryptocurrency on the market, Bitcoin (BTC), keeps its lateralization, up 5.59% yesterday (19) and down 4% as of writing, and currently trades at around $29,000.

Ethereum (ETH) follows the same, currently trading in the $2,000 range.

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