Cosmos price hits a new all-time high as the “Stargate” update approaches


Cosmos (ATOM) price has risen 240% since early February as excitement grows for the next “Stargate” update on February 18 which will help to connect all Cosmos based chains by inter-blockchain communication (IBC).

Data from Cointelegraph Markets and TradingView show that ATOM was trading at a price of $ 7.83 on February 1 before a series of positive announcements, including the ability to staking ATOM on Binance, helped lift the token to a new all-time high of $ 26.68 on February 16. .

4-hour chart of the ATOM / USDT pair. Source: TradingView

Stargate has been a long-awaited update for the Cosmos community, as the introduction of IBC will allow for the exchange of value transactions and data through supported chains.

Cosmos-based blockchains are currently isolated and cannot communicate or interact securely. IBC is expected to help bring the separate chains together in the new Cosmos network ecosystem.

Other features included in the update are the migration of Protobuf, which helps speed up front-end development and improve overall blockchain performance, and state sync, which helps new nodes sync 200 times faster and participate in consensus in just minutes instead of days.

Optimism grows after the delayed launch of Stargate

Excitement for the Stargate launch has been building for months, while ATOM’s price has remained stable. Price action began to rally on January 15 when it was announced that the launch of Stargate, which was originally scheduled for January 28, would be postponed until February 18.

Meanwhile, in the last days, VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ATOM, ahead of the recent price surge.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter

Cointelegraph Markets Pro – VORTECS ™ score (green) vs. ATOM price

As seen in the graph above, the VORTECS ™ score began to rise from a low of 55 on February 11 to a high of 82 on February 14. During that time, ATOM’s price traded sideways and experienced a brief drop, just as the VORTECS ™ score was peaking. However, the drop was short-lived and the price soon began an 80% rally to its new all-time high of $ 26.68 on February 16.

The launch of Stargate represents an important milestone in the Cosmos development roadmap. But the IBC integration is also expected to be followed by separate Tendermint-based projects such as the Band (BAND) and Kava (KAVA) protocol joining the Cosmos network for greater interoperability between chains.

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