When it comes to Cosmos (ATOM), the platform has been gaining constant growth and rally since the beginning of August 2021. It is quite remarkable that it is not just ATOM but all layer one protocols that have experienced a tremendous rally in August.
The reason why these projects continue gaining a lot of public attention and rally is because of Ethereum’s 2.0 hard fork deployment. For almost a year, Ethereum had been facing a huge problem with its scalability, transactions speed, and transaction charges.
For a long, the investors wanted a solution around this and wanted the problem solved as early as possible. It took Ethereum almost 12 months to address the problem and deploy the hard fork. Unfortunately, the anticipation set by the Ethereum enthusiasts was too high and the result of the hard fork was not satisfactory at all.
Therefore, the rally on other platforms and protocols has continued growing and the month of August has been one of the best months for protocols such as ATOM.
Since its launch, Cosmos has found itself very lucky to have offered a lot of benefits to its users by offering them a welcoming environment for smart contracts. Over time, several protocols have focused on providing users with interoperability.
Now, this service is proving to be the internet for the blockchain networks, where several blockchains are connected to each other. This way, the data can flow directly through the blockchains without any interruption, just like the internet.
ATOM has proven to be one of the most successful and highly advanced protocols when it comes to offering blockchain interoperability to users. The platform has been able to offer this facility to users through the protocol called Inter-Blockchain Communication (IBC).
Ever since the deployment of the IBC protocol, ATOM has observed a significantly high rally on its platform. This has helped the platform observe an increase in its price as well as trading volume. The information has been confirmed by TradingView and Cointelegraph, a couple of major data analyzing firms in the crypto-verse.
According to the firms, ATOM has displayed tremendous growth since July 20 coming all the way up to August 22. The data from the firms show that from July 20 to August 22, ATOM has observed a 180% rally on its platform. This has helped ATOM experience a rise in its price from which was recorded at $24.77 on August 22, and it was $8.87 back on July 20.
Similarly, the trading volume for ATOM has also surged, which was revolving around an average of $250 million back on the 20th of July. Whereas, on the 22nd of August, the average trading volume was $1.87 billion.
