The leading cryptocurrency Cosmos (ATOM) is escaping from a prolonged downtrend and is now experiencing a price rally.
- The first consumer chain, Neutron, has joined the ATOM economic zone.
- After the Neutron launch, Cosmos price climbed by about 7%.
Cosmos (ATOM) is managing to escape the prolonged sell-offs it has experienced over the past week due to a 5% boost in its price in the last 24 hours to $11.10. According to CoinMarketCap data, ATOM rose about 7% from $10.30 to $11.10 just after the update.
The news that the protocol’s first Consumer Chain, called “Neutron,” went live on May 10 at 3 PM UTC. That sparked the current rally for Cosmos. The decision to launch Neutron took place in the Atom Economic Zone, as the protocol stated, and it is based on the acceptance of “proposal #792.”
Neutron Integration is the Reason for ATOM Surge?
The Cosmos Hub, the interchain service provider for Cosmos, has given the green light for Neutron. The blockchain network was meant to incorporate smart contracts into the Cosmos network using CosmWasm (Cosmos WebAssembly) by launching on Replicated Security (RS).
Further, the Cosmos platform is used to secure Neutron and is advertised as a permissionless CosmWasm platform. Further, Neutron, a smart contract enabler, will automatically push decentralized applications running on it to function across various public networks.
This month, crypto market volatility has been the highest so far, with an overall global market capitalization of $1.14 trillion and a decline of 1%. Despite the Bitcoin network being overloaded due to the weekend’s chaos, the market started the week on a positive note.
At the time of writing, Cosmos (ATOM) traded at $10.82, which soared about 5.42% in a day. Also, ATOM has a 24-hour trading volume of $166 million, a surge of 63.35%. And it has a market cap of $3.09 billion.