Cosmos Takes Off Despite Crypto Market Correction

Most of the crypto market has had a pretty rough week. Bitcoin’s down around 12%. Ethereum is down 15%. And a lot of altcoins are down 20% to 30%.

However, our new portfolio pick Cosmos (ATOM) is taking off. It’s up 31% over the last week! There is a ton of excitement building around the Cosmos ecosystem. Many of the top influencers I follow on Twitter are now extremely bullish on Cosmos. 

I would continue to hold Cosmos right now. It has done well this year, even though it has lagged behind other altcoin L1s such as Solana and Avalanche (which got crushed this week).

Current Crypto Performance
Coin Price Marketcap Volume (24h) Supply Change Last 24h

In the overall crypto market, there continues to be a lot of overvalued projects – including Axie Infinity, Gala and Cardano.

I remain quite bullish on bitcoin, Cosmos and Ethereum in the long run. But as I wrote about in today’s Early Investing newsletter, even quality assets might get caught up in this current correction. 

The primary cause of the latest crypto pullback appears to be the Federal Reserve’s plan to raise interest rates and end quantitative easing. I think the Fed might try, but I’m convinced it will quickly reverse course once stocks fall enough. It needs that “wealth effect” that high stock prices cause to boost domestic spending.

Ultimately, we may get a chance to buy the world’s premier inflation hedge – bitcoin – at lower prices. But it’s so hard to say in this market. So I continue to HODL and be patient. It’s really the only thing to do in market conditions like this.


The post Cosmos Takes Off Despite Crypto Market Correction appeared first on Early Investing.

Source: Early Investing

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