Most of the Crypto Market is Down, But Cosmos (ATOM) Price is Up – Why?
BTC, ETH and most altcoins sold off strongly at the start of the meltdown, but ATOM is bucking the trend with a double-digit gain.
Market analysis
The Ethereum merger has finally taken place. It's over, and luckily everything went well without any major issues. As many had predicted, the event turned out to be a "buy the rumour, sell the news" style event, or perhaps the hotter than expected consumer price index on September 12 was the real catalyst that pushed the market in its current direction.
Whatever the reasons for this week's slowdown, the meltdown is over and in its wake, the bulls are left with a lot of nothing. It's likely that a new bullish narrative will have to emerge, or that analysts will have to watch smart money closely to see which assets they choose to turn to.
So now that it's over, what's the new narrative? Surge, verge, purge or madness? Perhaps a funeral song?
— Galois Capital (@Galois_Capital) September 15, 2022Remember that "The Merge", according to so many "smart" people, was supposed to be a bullish event that could increase the price of Ether and that the treasure of ETH POW hardfork tokens was supposed to materialize by magic several trillions of dollars of liquidity that would likely flow into Bitcoin and help the struggling asset break out of its current range.
Well, none of that happened. That's not to say it won't happen, but the current reality is a market painted in a bright red hue. Bitcoin's September 15th drop below $20,000 induced a market-wide correction resulting in double-digit losses for the majority of altcoins and at the moment there is no easy...
BTC, ETH and most altcoins sold off strongly at the start of the meltdown, but ATOM is bucking the trend with a double-digit gain.
Market analysis
The Ethereum merger has finally taken place. It's over, and luckily everything went well without any major issues. As many had predicted, the event turned out to be a "buy the rumour, sell the news" style event, or perhaps the hotter than expected consumer price index on September 12 was the real catalyst that pushed the market in its current direction.
Whatever the reasons for this week's slowdown, the meltdown is over and in its wake, the bulls are left with a lot of nothing. It's likely that a new bullish narrative will have to emerge, or that analysts will have to watch smart money closely to see which assets they choose to turn to.
So now that it's over, what's the new narrative? Surge, verge, purge or madness? Perhaps a funeral song?
— Galois Capital (@Galois_Capital) September 15, 2022Remember that "The Merge", according to so many "smart" people, was supposed to be a bullish event that could increase the price of Ether and that the treasure of ETH POW hardfork tokens was supposed to materialize by magic several trillions of dollars of liquidity that would likely flow into Bitcoin and help the struggling asset break out of its current range.
Well, none of that happened. That's not to say it won't happen, but the current reality is a market painted in a bright red hue. Bitcoin's September 15th drop below $20,000 induced a market-wide correction resulting in double-digit losses for the majority of altcoins and at the moment there is no easy...
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