Stocks have come under pressure over the past week, with the S&P and NASDAQ both down approximately -4% since last Monday.
Meanwhile, the two largest cryptocurrencies, Bitcoin ($BTC) and Ethereum ($ETH), have put on a modest gain in the same timeframe, up +3%
Cryptos have been outperforming stocks overall, but the breadth of the “alt-coin” market is such that many crypto assets have shown relative underperformance in recent months.
One such underperformer: Cosmos ($ATOM)
, a layer-1 blockchain that services the creation of further interconnected blockchains using a custom development kit.
Last month, we highlighted strength in underlying investor chatter for Cosmos and its primary token ATOM – Although the price of ATOM rose by as much as +35%
in the following weeks, it has since slumped to -10%
below its October lows.
Still, the chatter surrounding the project has maintained promising upward momentum: +79% QoQ
and +17% in the past month