Algorand Climbs 30% During Market Downturn

Algorand has recovered from yesterday’s market crash, climbing over 30% Tuesday morning. The coin appears to have decoupled from Bitcoin’s price action, reaching a new local high. 

Algorand Defies the Market

While most of the crypto market dropped following Bitcoin’s 16% flash crash, some projects have held up well.

Algorand recorded a gain of over 30% today, reaching a new local high of $1.81. It’s slightly cooled off since, trading at $1.73 at the time of writing. Trading volume has also increased, more than doubling over the past 24 hours. 

At the same time, other top projects have plummeted, with prices dropping as much as 25%. Those hit badly by the current downturn include fellow Layer 1 projects Avalanche and Tezos, falling 23% and 24% percent respectively before posting slight recoveries. 

In contrast, Algorand has bucked the trend, registering double-digit gains while the rest of the market is down. ALGO has quickly surpassed its May highs, showing new enthusiasm for the protocol. 

Over the las few months, Algorand has secured multiple commercial partnerships across Latin America. In June, Spanish neobank Bnext tapped the protocol to provide international remittance services across Spain and Latin America. More recently, Algorand forged a key partnership with the Salvadoran government, working with the Latin crypto firm Koibanx to implement blockchain technologies in the country. 

Also of note is a recent announcement from the Algorand Foundation regarding how the circulating supply of ALGO is reported. The new reporting metric will now include All unrestricted ALGO not held directly by the Algorand Foundation. 

As interest in smart contract-enabled Layer 1 blockchains increases, Algorand is well-positioned to continue expanding. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article

click fraud detection