After Evmos promised Ethereum interoperability, Cosmos ecosystem tokens rebounded


The broader cryptocurrency market faced another day of volatility and became Bitcoin on January 7 (Bitcoin) The bears successfully broke through the bulls support at $42,000. Before resources were exhausted, the price of Bitcoin was pushed to a daily low of $40,620.

Data from Cointelegraph Markets Pro Shows that four of the top seven of the day are part of the growing Cosmos Hub. The ecosystem currently uses the Inter-Blockchain Communication Protocol (IBC) to promote interoperability and communication between connected networks.

The top 7 tokens with the largest price changes in 24 hours. source: Cointelegraph Markets Pro

Here are the reasons behind the power seen in IRISnet (IRIS), Secret (SCRT), Akash Network (AKT) and Cosmos (ATOM).

IRISnet expands its NFT function

The biggest winner in the past 24 hours is IRISnet, which is a cross-chain service center for decentralized applications that can achieve cross-chain interoperability and provide enterprises with modules that support running distributed systems.

Data from Cointelegraph Markets Pro and Transaction view It shows that after hitting a low of $0.079 in the early trading session on January 7, the price of IRIS skyrocketed 84% to a daily high of $0.144, and its 24-hour trading volume soared by 2,320% to $112.6 million.

IRIS/USDT 4-hour chart. Source: TradingView

Due to the upcoming Uptick Network non-fungible token (NFT) ecosystem, the non-fungible token community of the protocol continues to expand, and the price and transaction volume of IRIS suddenly soared. These efforts help attract new users to the IRISnet ecosystem.

Pulp fiction NFT is about to enter the secret network

Secret Network is a blockchain protocol with built-in data privacy for smart contracts, enabling programmable privacy for data transmission, decentralized finance (DeFi), and NFT.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for SCRT began to be discovered on January 3rd.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and activity on Twitter.

VORTECS™ score (green) and SCRT price. source: Cointelegraph Markets Pro

As shown in the graph above, SCRT’s VORTECS™ score began to rise on January 3, approximately 55 hours before the price rose by 25% the next day.

After film director Quentin Tarantino releases NFT from the popular move, SCRT prices rise pulp Fiction On the secret network.

Akash Network cooperates with CloudStack

Akash Network claims to be the world’s first decentralized DeFi cloud computing market. The service is called DeCloud, which allows any application to start quickly without the need to set up, configure, or manage the server.

Data from Cointelegraph Markets Pro and Transaction view It shows that after a rapid fall to a low of $2.33 on January 5, the price of AKT rebounded by 25% on January 7 to a daily high of $2.93, and its 24-hour trading volume increased by 88%.

AKT/USD 4-hour chart. Source: TradingView

The development momentum of AKT was developed after Akash Network and CloudStack announced their cooperation. CloudStack is a decentralized cloud aggregator that provides a portal to access any decentralized storage network, including Filecoin, Arweave and Storj.

related: 3 reasons why the price of Cosmos (ATOM) is close to a record high

Bulls love the idea of ​​interoperability between Cosmos and Ethereum

Cosmos is the basic blockchain protocol of the entire Cosmos Hub, which calls itself the “blockchain internet”. ATOM holders pledge the platform’s native ATOM token to protect the entire ecosystem.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for SCRT began to be discovered on December 29.

VORTECS™ score (green) and ATOM price. source: Cointelegraph Markets Pro

As shown in the graph above, ATOM’s VORTECS™ score climbed to the green zone on December 29, and hit a high of 80 when its price started to rise by 79% in the next 9 days.

The overall cryptocurrency market value is now $1.987 trillion, and Bitcoin’s dominance rate is 39.9%.

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