The cryptocurrency market has made a notable dip during the past 24 hours. Bitcoin (BTC/USD) dipped to lows of around $38,000, while the entire market cap fell below $2 trillion following a market-wide selloff. This recession has affected the majority of cryptocurrencies in the market.
This week, Cosmos (ATOM/USD) has recorded a great performance, but the recent recession has affected this performance.
Cosmos falls further below ATH
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On January 17, ATOM reached a new all-time high of $44.45. This made it the only token among the top 20 to reach a record-high amidst the ongoing market dips. However, this support towards these highs is fading, with the token now trading at 15% below this price.
At the time of writing, ATOM was trading at $37.30. If the bearish trend across the market continues, ATOM could test the lower support at $35. Dropping to these levels could be caused by a lack of buyer and market support. Since the beginning of the year, ATOM has not dipped below these levels hence such a trend could trigger buying from traders that want to buy during the dip.
On the other hand, an ATOM bull run could also be on the way. The next major resistance lies at $42, and these levels could be easily achieved with support from buyers. If the uptrend persists, a new ATH could be formed.
21Shares launches its first Cosmos ETP
21Shares, one of the largest issues of cryptocurrency exchange-traded products (ETPs) globally, has announced plans to list its first Cosmos ATOM ETP. The ETP will be open for trading against various fiat products such as the USD, EU and CHF on the Swiss SIX exchange.
The listing of a Cosmos ETP created much interest regarding AOM, and following the announcement, the token made an around 10% jump that has since been erased due to the ongoing market recession. The announcement noted that investors can access the early stages of the metaverse through ATOM. The Cosmos blockchain could record increased activity due to this listing. Its DeFi total value locked stood at around $8.5 million at the time of writing, according to DeFi Llama.
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