ATOM Increases 4% as Cosmos Shifts Focus to Interoperability
Finance/Markets

ATOM Increases 4% as Cosmos Shifts Focus to Interoperability

Cosmos halts EVM development to enhance its inter-blockchain communication protocol, leading to a surge in ATOM's price amidst growing altcoin speculation.

Trade with eToro

Trade with eToro

Open an account

Trade on XM

Trade on XM

Open an account

Trade with XTB

Trade with XTB

Open an account

Overview

Recently, ATOM experienced a 4% increase after the Cosmos team decided to discontinue its Ethereum Virtual Machine (EVM) development. They aim to enhance the Inter-Blockchain Communication (IBC) protocol, thereby fortifying their independent blockchain ecosystem.

Market Responses

  • ATOM Price Rally: The price of ATOM moved beyond the $4.69 resistance reaching a peak of $4.71, prompted by a bounce from $4.55 and increasing trading volume that indicates institutional interest.
  • Speculation of Altcoin Season: The overall market gains have stirred speculation about a possible altcoin season with significant capital rotation happening from Bitcoin (BTC) to ATOM and similar altcoins. Technical indicators suggest a potential bullish trend.

Additional Insights

  • Investors reacted positively to Cosmos focusing on its IBC protocol, confirming Cosmos’s strategy to establish itself as a robust blockchain with proprietary technology stacks.
  • With signs of an altcoin season, many altcoins mirroring ATOM are also seeing heightened interest as the market sentiment shifts.
Next article

The Future of Stablecoins: Clearinghouse Innovations

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!