Cosmos Hub [ATOM] has made an announcement that has the potential to boost the blockchain’s network activity. In fact, the latest data revealed that the blockchain’s network activity and adoption have already been on the rise for the last 30 days.
Cosmos on 1 November announced its integration with Bitcoin [BTC]. As per the official tweet, the bridge would allow users to bring their BTC into Cosmos using nBTC, an IBC-compatible token. This eliminates the need to convert their BTC into a different crypto.
This development might show its positive impact on the blockchain’s network activity, which has already gained upward momentum for quite a while.
As per Artemis, Cosmos Hub’s daily active addresses have risen considerably over the last 30 days.
Thanks to that, ATOM’s daily transactions also went up last month, clearly reflecting a hike in its adoption and usage.
Apart from that, the blockchain’s DEX volume also remained high, reflecting its popularity. Additionally, ATOM’s performance in the DeFi space excelled, which was evident from the massive rise in its TVL in recent days.
ATOM’s state looks satisfactory
Amidst this, ATOM’s price remained under bulls’ influence, thanks to the market condition.
As per CoinMarketCap, ATOM was up by more than 7% over the last seven days. At the time of writing, it was trading at $7.86 with a market capitalization of over $2.9 billion.
However, the bad news was that while the token’s price surged, its trading volume dropped. To be precise, ATOM’s volume declined by over 20% in the last 24 hours.
This reflected a drop in investor interest in trading the token. Another bullish indicator that dropped in recent days was ATOM’s Altrank.
Nonetheless, it must be noted that Cosmos Hub’s social mentions and bullish sentiment both increased over the last week, which were both optimistic signals.
ATOM’s Relative Strength Index (RSI) entered the overbought zone, which suggested a price drop in the days to follow. Chaikin Money Flow (CMF) also took a sideways path. The MACD, however, remained in the buyers’ favor.
Source : AMBCrypto by Dipayan Mitra / November 02, 2023