Watch out IOTA, Cosmos is on your tail! At the time of writing, this relatively unknown cryptocurrency is quickly closing the $28.5 million gap between itself and IOTA.
ATOM, the token behind the Cosmos network, has seen a 12.15% price surge over the past 24 hours, which has allowed the market cap to rise to the $1.288 billion level as its cryptocurrency trades at a price of around $6.76.
The recent price surge has now put Cosmos in the 16th place, sitting only a short $28.5 million behind the 15th position holder, IOTA.
This little-known cryptocurrency will now only need to increase by a total of around 6% to reach a price of $7.00 to claim the 15th position in the market cap rankings.
ATOM has been surging all throughout April 2019, after Binance surprisingly listed the cryptocurrency on their exchange, without the ATOM development team even asking them to do so:
Here is a project that refused to even talk to an exchange about listing (and we have a good relationship with their tech guys), but we list it anyway.
Good tech wins!https://t.co/Zu0uQZuGH6
— CZ Binance (@cz_binance) April 28, 2019
It seemed that the endorsement from Binance Exchange and from CZ himself has helped Cosmos surge much further higher than the majority of the market had expected.
But What Is Cosmos?
Cosmos describes itself as the “Internet of Blockchains” and is focused on the scalability and usability of blockchain solutions. ATOM will be the token that will help Cosmos achieve its mission of allowing blockchains to communicate and interact with one another seamlessly.
Its core product is its Tandermint Consensus algorithm that includes a Byzantine Fault Tolerant algorithm which allows the network to reach consensus even if there is a malicious node present. This new form of consensus also helps improve the scalability for the entire blockchain network.
Furthermore, the Cosmos team have released a powerful SDK which will allow developers to seamlessly develop on the network to be able to communicate with other blockchains on the network in a “Hub-and-Zone” type model.
To understand more about Cosmos, Binance have released an in-depth research report on the cryptocurrency.
Where Can Cosmos Go?
It is early days still for ATOM and Cosmos, however, the recent addition to Binance exchange has helped launch the project into the forefront of the cryptocurrency industry. If ATOM can continue to surge whilst the rest of the industry retraces, we can expect Cosmos to surge into the 15th position within the week.
Cosmos could potentially continue further and claim the 14th position from Dash if the surge continues further to close the $100 million gap between the two projects.