Algorand (ALGO) outperforms the cryptocurrency market by 9%
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Algorand (ALGO), a layer 1 blockchain protocol, saw a slight increase in price over the past 24 hours. ALGO outperforms the cryptocurrency market by about 9%. Algorand appears to have overcome the sharp decline seen over the past 48 hours. Amid ALGO’s recovery, the coin is now seeking new price levels.
ALGO price increases and market activity
According to CoinMarketCap DataALGO is trading at $0.3869, up 9.47% over the past 24 hours. With increased investor interest, trading volume rose by a whopping 53.06% to reach $304.02 million.
This indicates renewed confidence among market participants, who seemed encouraged by the price movement. ALGO fell to a low of $0.3214 over the past seven days amid price fluctuations in the market.
However, it registered a significant price decline over the past 24 hours, reaching a high of $0.4041 before settling at the current rate.
Meanwhile, users remain very optimistic and expect further price hikes as the day progresses. High trading volume supports this sentiment, as investors looking to acquire the asset have the liquidity to support the trade.
This development indicates that they may be looking for profit-taking positions in case prices rise further.
Algorand’s unique offering and market potential
The Algorand blockchain, created by computer scientist and MIT professor Silvio Micali in 2017, is an open source platform. The platform allows users to process smart contracts and transactions quickly, with low fees, and without delay.
In August 2024, Charles Hoskinson, the founder of Cardano, hinted at the existence of partnership Between Cardano and Algorand. Hoskinson praised Algorand’s technology, noting that combining it with useful proof-of-work could lead to great breakthroughs in the cryptocurrency industry.
At the time, Gary Maloof, CTO of… Algorand Technologies, I noticed that the platform wants to explore the possibilities.
Analysts believe such partnerships could boost ALGO’s value in the broader cryptocurrency market.
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