Following a market-wide uptick driven by the top two cryptocurrencies, Bitcoin and Ethereum, several tokens connected to the “Layer 0” network increased their value on Thursday.
The ATOM token from Cosmos has increased 7.6% over the last day, continuing a run that has seen it rise 40.6% over the last 30 days, according to CoinGecko data.
Currently, it is being traded for $12.72. Evmos is up 21.1% and is currently trading at $2.80 as a bridge project that uses the Inter-Blockchain Communication protocol of Cosmos to link the ecosystem to Ethereum.
Despite posting very moderate gains of 3.8% and 3.5% over the past day, other Cosmos initiatives like Osmosis and JUNO have increased more than many other important assets.
Although the ecosystem’s growth is unclear, ATOM’s weeks-long climb during an uptick in market mood is probably a major contributor. Every time the market reacts favourably to a blockchain network’s native token with a rally, other projects in the same ecosystem typically gain.Â
Base layer blockchains tend to be less volatile because they often have the highest value in a certain ecosystem. As a result, if interest in the ecosystem increases, projects with lower market capitalizations frequently outperform (by contrast, smaller tokens tend to bleed harder when the trend reverses).
