• Neutron, a consumer chain has joined the ATOM economic zone.
• After the news of Neutron launch, Cosmos price climbed by about 7%.
• Cosmos (ATOM) has experienced a 5% boost in its price in the last 24 hours to $11.10
Cosmos (ATOM) Price Surge
The first consumer chain, Neutron, has recently joined the ATOM economic zone and is based on the acceptance of “proposal #792”. As a result of this update, the price of Cosmos (ATOM) has surged by about 7%, rising from $10.30 to $11.10 just after the update according to CoinMarketCap data.
Neutron Integration
The Cosmos Hub granted permission for Neutron’s launch which is meant to incorporate smart contracts into the network using CosmWasm (Cosmos WebAssembly). The platform is also advertised as a permissionless CosmWasm platform and it will automatically push decentralized applications running on it across various public networks securely.
Market Volatility
This month cryptocurrency market volatility has been higher than ever with an overall global market capitalization of $1.14 trillion and a decline of 1%. Despite Bitcoin being overloaded due to weekend chaos, the market started this week on good terms with ATOM soaring around 5% in 24 hours as per CoinMarkerCap data at writing time – trading at $10.82 with 24-hour trading volume of 166 million and having a market cap of 3.09 billion dollars
What To Expect From ATOM?
Atom is still considered one of the most promising altcoins in 2021 despite its fluctuations over recent weeks and months – making steady gains since March 2021 when it was trading at around 4$/coin. Analysts are optimistic that Cosmos could reach 20$/coin by year end if such positive news keeps coming out consistently throughout 2021 – but only time will tell!
Conclusion
Overall, it is not surprising that positive news like Neutron integration can cause such drastic surges as investors become more confident in certain cryptocurrencies potentials to succeed long term – however caution should always be taken when investing in any asset class!