Cosmos On Fire While Rest Of Market Is In Flames Thanks To Litecoin

Cosmos is up almost 40 percent in the last week. 

Covered:

• Cosmos Up While Market Tanks
• Cosmos YTD
• Market Up And Then Down Thanks To LTC

Cosmos Up While Market Tanks

Cosmos (Ticker symbol: ATOM) opened the day up 11 percent in the last 24 hours, and 40 percent in the last 7 days. ATOM briefly reached an all time high of $36, before settling into the $34 USD range. ATOM is currently 24th in terms of overall market cap.

Cosmos, which bills itself as the internet of blockchains, is one of the few top 100 projects showing strength amidst market turmoil. The projected, founded by Jae Kwon, is centred around interoperability. Terra (LUNA) and Binance Coin (BNB) are both built on top of Cosmos. LUNA is just outside of the top 10 at number 11, and BNB is 5th in terms of market cap.

Recommended: For more on what Cosmos is and how it works, check out our guide.

Atom’s rise comes as the race for interoperability heats up. One of its biggest competitors, Cardano, just added smart contracts over the weekend, but it’s facing a FUD storm because of perceived tech issues. ADA is down 11% the last 24 hours. Meanwhile, another competitor, Polkadot, is only down 1% the last 24 hours.

Cosmos YTD

Cosmos, unlike a lot of bigger crypto projects, is reaching new all-time highs. Though, the “internet of blockchains” struggled to breakthrough early this year.

Cosmos reached as high as $29 back in May, but that still left it far behind many of its competitors like Cardano and Polkadot in terms of marketcap. The slow start frustrated many who believe their tech is superior to Cardano and Polkadot.

Though, despite a slow-ish start to the year, ATOM is still far ahead of the $6 it traded at back in January. And overall, anyone who bought into the crypto project after it launched in 2019 is up 467%.

Market Up And Then Down Thanks To LTC

The market struggled to gain traction earlier this morning. That is, until Walmart announced a partnership with Litecoin (LTC). LTC shot up 35% in less than 15 minutes off the news.

However, LTC lost the entire gain once internet sleuths discovered the press release was a dupe. Turns out, the email provided was fake and only 12 days old.

The Litecoin/Walmart partnership news appeared legitimate thanks to first appearing via press release on GlobeNewsWire.com. Not to mention, Walmart had recently posted about hiring a crypto lead.

The news was picked up by Reuters, CNBC, and even Litecoin’s official Twitter.

Walmart to accept litecoin payments https://t.co/LMLpU5eSWn pic.twitter.com/Z5O2TV7FX5

— Reuters (@Reuters) September 13, 2021

CORRECTION: Walmart is not partnering with Litecoin.

The verified Litecoin account has now deleted the tweet announcing the partnership. pic.twitter.com/1xunXDEbhE

— Morning Brew ☕️ (@MorningBrew) September 13, 2021

Litecoin is now trading back in the $170 range after briefly touching $240.

As a result of the fake news, the rest of the market went back to where it was. It’s down about 5 percent with an overall market cap of 2 trillion.