Algorand is up 30% in the last 24 hours amid a significant market dip.  Covered: Algorand Up 30 Percent ALGO Trading At Its Year Long High Algorand’s Recent Headlines Algorand Up 30 Percent Algorand (Ticker symbol: ALGO) is up 30 percent in the last 24 hours, and over 50% the last week. ALGO traded as […] The post Why Is Algorand Soaring While The Rest Of The Market Struggles? appeared first on CryptosRus.

Why Is Algorand Soaring While The Rest Of The Market Struggles?

Algorand is up 30% in the last 24 hours amid a significant market dip. 

Covered:

  • Algorand Up 30 Percent
  • ALGO Trading At Its Year Long High
  • Algorand’s Recent Headlines

Algorand Up 30 Percent

Algorand 24 hour chart. Credit: CoinMarketCap.com

Algorand (Ticker symbol: ALGO) is up 30 percent in the last 24 hours, and over 50% the last week. ALGO traded as high as $1.82 USD, before settling into the $1.70 range.

ALGO is a “proof-of-stake” crypto project developed by MIT professor Silvio Micali. The project prides itself on being scalable and environmentally friendly.

The price surge comes as Algorand, along with Mexican crypto exchange Bitso, are a part of the team bringing El Salvador its official Bitcoin Wallet.

ALGO’s current rise is even more impressive considering it comes just a day after what some called the biggest crash of the year. Not to mention, the crash hasn’t quite yet subsided. ALGO is one of the few top 100 projects showing positive price movement amid the volatility.

The only top 100 crypto projects with positive price action the last 24 hours. Credit: CoinMarketCap.com

ALGO Trading At Its Year Long High

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In addition, Algorand is one of the few projects that is currently trading at its highest price of the year. Most projects peaked in the February to May range.

However, ALGO is also one of few top 100 projects (in terms of market cap) that has yet to reach its new all-time high during this bull run. ALGO traded at $3.28 in July of 2019.

Algorand’s Recent Headlines

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Algorand has been criticized in the past for its lack of headline grabbing moves. But that hasn’t been the case lately.

We covered the proof-of-stake project’s tech being deployed in an infrastructure project for the government of El Salvador. Same with Valkyrie Digital adding the crypto project to its holding. Not to mention, ALGO being on a shortlist to run a CBDC for the U.S. government.

Nevertheless, ALGO still isn’t quite getting the attention it warrants. News like ALGO actually being used in El Salvador received far less press than a rumour that Cardano will issue a stablecoin for the country.

However, the lack of press doesn’t seem to be hurting.

The post Why Is Algorand Soaring While The Rest Of The Market Struggles? appeared first on CryptosRus.