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Coin Bureau Host Says Cosmos (ATOM) Could Ignite 100% Rally With Ethereum (ETH) Providing Lift – Here’s How

The host of common YouTube channel Coin Bureau says that Ethereum (ETH) could assist pull up the worth of Cosmos (ATOM) with its extremely anticipated improve. 

In a brand new video replace, the pseudonymous analyst often called Man tells his 2.1 million subscribers that demand for ATOM has slumped dramatically in the course of the bear market and presently depends on two principal drivers.

“What’s even scarier although is that there isn’t a lot taking place on the demand facet of ATOM’s financial equation. As heartening as it’s that the entities behind the challenge have apparently stopped promoting, it additionally signifies that improvement of demand drivers has slowed…

“It seems that ATOM’s strongest demand driver nowadays is all the continued airdrops for up-and-coming Cosmos initiatives, together with Jae Kwon’s GNO Land, that are solely given to those that maintain or stake ATOM in collaborating wallets resembling Keplr pockets. 

A secondary demand driver for ATOM is as a bridge forex to all of the up-and-coming Cosmos ecosystems on extra normal use case blockchains resembling Evmos and Kava, which help Ethereum sensible contracts and have seen tons of of hundreds of thousands of {dollars} in whole worth locked.”

The analyst says that ATOM nonetheless has the potential to thrive if its present development continues, and if Ethereum’s long-awaited transition to proof-of-stake consensus mechanism goes easily.

“Now, despite the fact that ATOM seems to have restricted demand drivers, they’ve been sufficient to push its value greater over the previous couple of months and if this development continues, we may see ATOM pull near a 2x within the quick to medium time period.

This actually is dependent upon whether or not Ethereum’s upcoming transition to proof of stake later this month manages to trigger a broader crypto market rally.”

Cosmos is altering fingers for $12.74 at time of writing, a 1.4% dip on the day.

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