Most of the crypto market is down, but Cosmos (ATOM) price is up — Why?

The Merge has finally happened. It’s over, and fortunately it went smoothly without any major hiccups. As predicted by many, the event turned out to be a “buy the rumor sell the news” style event, or perhaps, the hotter-than-expected consumer price index print on Sept. 12 was the real catalyst that pushed the market in its current direction.

Regardless of the reasons for this week’s downturn, the Merge is over and in its wake, bulls are left holding a whole lot of nothing. It’s likely that a new bullish narrative will need to emerge, or analysts will need to keep a close eye on smart money to see what assets they elect to rotate into.

7-day increase in unique delegation addresses on Cosmos. Source: Staking RewardsProtocols within the Cosmos Hub (ATOM) ecosystem. Source: Defi LlamaCosmos circulating market cap and supply side revenue. Source: token terminalCosmos circulating market cap and protocol revenue. Source: token terminalCosmos circulating market cap and ATOM trading volume. Source: token terminal

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