The Cosmos Hub recently experienced a temporary disruption in its chain operations during the V17 upgrade, as reported in the Cosmos X post early this morning. However, Hub validators swiftly addressed the issue, successfully fixing a security vulnerability within the Liquid Staking Module (LSM). After most validators implemented the crucial patch, the Cosmos Hub was able to resume its block production, returning to normal operations.
As a pioneering blockchain in the vast Cosmos Network ecosystem, the Cosmos Hub utilizes a proof-of-stake consensus mechanism and its native ATOM coin. Stakers play a vital role in securing the network, earning rewards, and enhancing overall stability and efficiency. Additionally, the Hub is known for providing robust tools and libraries tailored for blockchain application development.
Despite the brief interruption, the price of the Cosmos native token, ATOM, remained relatively stable. As altcoins regain momentum in the market, ATOM appears poised for a bullish resurgence.
With Cosmos approaching a $4 billion market cap, ATOM is showing positive price trends. The weekly chart indicates a sideways trend above $8, with $8 serving as a key support level on the daily chart, challenging the 50-day EMA resistance.
Over the last 24 hours, ATOM has seen a 2.5% increase from $8.55 to $8.73, with a market cap of $3.5 billion. The cryptocurrency is on the verge of breaking out from two months of consolidation, hinting at a potential shift in sentiment.
This bullish momentum in ATOM’s price has sparked speculation about a potential recovery trend throughout 2024. Currently trading at $8.616, ATOM experienced a 0.67% intraday pullback after two consecutive bullish daily candles. However, the cryptocurrency has seen a decline of around 8.07% over the past month.