BTC
$119,365.70
+
1.59%
ETH
$3,289.17
+
6.04%
XRP
$3.0068
+
1.99%
USDT
$1.0004
+
0.05%
BNB
$700.78
+
1.80%
SOL
$172.73
+
5.99%
USDC
$0.9999
–
0.01%
DOGE
$0.2060
+
4.02%
TRX
$0.3038
+
1.04%
ADA
$0.7640
+
2.22%
HYPE
$48.02
+
0.40%
XLM
$0.4682
+
2.48%
SUI
$4.0183
–
0.98%
LINK
$16.80
+
3.89%
HBAR
$0.2397
+
1.93%
BCH
$499.09
+
0.79%
WBT
$44.83
+
1.10%
AVAX
$22.37
+
2.65%
SHIB
$0.0₄1405
+
2.83%
LEO
$8.7852
–
2.72%
By Oliver Knight, CD Analytics
Updated Jul 16, 2025, 4:31 p.m. Published Jul 16, 2025, 4:30 p.m.
- Cosmos pivots to interoperability: Cosmos executives halted EVM development to focus on enhancing its Inter-Blockchain Communication (IBC) protocol, strengthening its standalone blockchain ecosystem.
- ATOM price breaks resistance: ATOM rose 4% in 24 hours, surging past $4.69 resistance to reach $4.71 highs, supported by a $4.55 bounce and increased trading volume signaling institutional interest.
- Altcoin season speculation grows: Market-wide gains suggest capital rotation from BTC to altcoins like ATOM, with technical momentum pointing to a potential bullish reversal.
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.
STORY CONTINUES BELOW
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 from BTC to altcoins like ATOM.
Technical Breakout Signals Bullish Reversal
- ATOM-USD surged 4% in 24-hour trading from July 15 16:00 to July 16 15:00, breaking through resistance at $4.69 to hit $4.71 highs.
- The token bounced sharply from $4.55 support, posting a $0.17 trading range that represents significant volatility expansion from recent sessions.
- Volume spiked above daily averages during the $4.55 reversal and $4.69 breakout, confirming institutional buying interest at key technical levels.
- Intraday action from July 16 14:33 to 15:32 shows continued momentum with $0.05 range between $4.66-$4.71 support and resistance zones.
- ATOM broke higher at 14:45, hitting session peaks near 15:04 on volume exceeding 66,000 units before consolidating around $4.69.
- The 1% hourly gain extends the 24-hour rally, with price holding above $4.66 support signaling sustained institutional accumulation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
