ATOM Surges 4% as Cosmos Abandons EVM Strategy for Interoperability Focus
2025-07-16 17:42:47
Main Idea
ATOM's price surged 4% after Cosmos abandoned its EVM strategy to focus on interoperability, amid a broader market uptick.
Key Points
1. ATOM rose by 4% following Cosmos executives' decision to terminate EVM strategy.
2. The price surge coincided with a breakout above resistance at $4.69, reaching $4.71.
3. The broader cryptocurrency market also experienced gains during the same period.
Description
ATOM rose by 4% on Wednesday after Cosmos executives terminated EVM development to concentrate on blockchain interoperability by advancing its own IBC protocol. The news was met well by investors as it sees Cosmos extend its position as a standalone blockchain with its own tech stacks it can rely on. The wider market is also up on Wednesday as investors begin to question whether the market is entering a long-awaited "altcoin season," with a number of data points suggesting capital is shifting fr...
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