ATOM Dips By 5% After Cosmos Founder Calls for Chain Split

TL;DR

• ATOM has lost 5% of its value over the last 24 hours, making it the worst performer amongst the top 30 cryptocurrencies by market cap.

• The Cosmos founder has suggested a chain split, with some investors viewing it as a bearish move.

ATOM Losses 5% Of Its Value

ATOM, the native coin of the Cosmos ecosystem, is the worst performer amongst the top 30 cryptocurrencies by market cap. It has lost more than 5% of its value over the last 24 hours, underperforming compared to the broader cryptocurrency market.

At press time, the price of ATOM stands at $9.11. The bearish performance comes after Comos' founder Jae Kwon called community members to split the blockchain into two. While some investors consider the move to be a bullish one for the network, others seem to think otherwise.

The Cosmos founder referred to the hard fork as AtomOne, which would fork the Cosmos Hub. He called for a final plan whereby the forked chain would support the ATOM token along with the native ATOM1.

ATOM continues to maintain its position as the 23rd-largest cryptocurrency, with a market cap of $3.4 billion. Over the last 30 days, ATOM has seen its price rally by 26%, making it one of the best performers in the market.

ATOM’s poor performance coincides with that of the broader market. Bitcoin dropped below the $37k level late on Monday as the bears took control of the market. It is down by 1% in the last 24 hours and is now trading at $36,931 per coin.

Ether has also lost 2% of its value in the past few hours but continues to trade above the $2k support level. The total cryptocurrency market cap is down by 1% and currently stands at $1.4 trillion.