A 11% Increase in Cosmos (ATOM) Price: Is Resistance About To Be Broken?

A 11% Increase in Cosmos (ATOM) Price: Is Resistance About To Be Broken?

The cost of $ATOM, the native token of the Cosmos blockchain, has increased by around 12% to $7.64. There seems to be a lot of interest in $ATOM since the major announcement by cryptocurrency derivatives exchange, dydx, to develop its V4 blockchain on the Cosmos platform.

ATOM is currently prepared to break beyond $8.4 of barrier, which might potentially cement a positive trend.

In addition, the cost of dydx has increased by 2% to $1.42. In the past 24 hours, its volume has increased by 66% as well.

Is Cosmos Developing Into An Innovation Hub?

Starting on Ethereum and scaling to Cosmos will become popular, according to Greg Osuri, the creator of Akash Network and $AKT. To him, sovereignty represented the pinnacle of scaling.

Dydx also praised Cosmos in their announcement. They declared that the most crucial aspect of the V4 protocol is total decentralisation. Off-chain, full decentralization, an order book, and a matching engine are all features of the V4 protocol. According to dydx, they can expand to a considerably larger number of orders/cancellations per second thanks to the Cosmos platform.

Cosmos, also known as the Internet of Blockchains, specialises in enabling businesses to create their own unique blockchain. While being supported by Tendermint consensus, each blockchain will have independence over its decisions.

$ATOM To Break Resistance?

In addition to dydx, Cosmos has cooperated with numerous other Web3 platforms. Other recent advancements on this protocol include Sei Network, Kado Money, Mars Protocol, Kujira, and Osmosis. There appears to be a great deal of optimism over the $ATOM's future.

Cosmos is outperforming BTC, according to prominent Twitter influencer and cryptocurrency investor Crypto GodJohn. In a similar vein, MoonOverlord, another significant cryptocurrency investor, thinks that dydx switching to $ATOM is a severe loss for $ETH.

Since the announcement, $ATOM has outperformed $ETH by a wide margin in terms of price growth. If it has enough impetus to get past barriers, only time will tell.