Cryptocurrency market seems to be on the verge and it had mixed reactions this week as two major market players moved their prices further. The biggest crypto hitting the most buzz is the ALGO which is the most representative of the blockchain platform like Hedera Hashgraph (HBAR), the crypto that just had its price skyrocket by more than 80% followed by an incredible rise on their price.
Algorand’s Price Climbs
At the moment, after the last 24 hours price of ALGO jumped with the percentage of 25.84% to the current $0.2435. Not to mention the human element together with the dimension of the time, it is even more impressive. This time last year, the ALGO price has increased by 29.92% which is quite an impressive rate of return.
Trade and Market value seems to be increasing during those days.
The increase was triggered by a shock, which was in turn followed by soaring value and market cap. MK cap of Algorand, the crypto currency increases 25.38% or $ 1,98 millions after market closing. This is a clear indication more investors have started to embrace the platform of Algorand.
On the contrary to that, the last ALGO trade volume has spiked very drastically to 716.40 percent in a day and the current all-time trade volume record is a remarkable $371.53 million. The uncommon investors differ in the category as institutional ones are included in the list but also retail ones and the similarity is shown in the explosion of capital market.
Let’s not jump to conclusion, is for sure Hedera’s Surge responsible for that?
The breakout of Algo rands appears at an interesting moment just after the revelry of Hedera which saw it fly high in price. Others think while some analysts feel there exists a link. On the other hand, others argue that the admirers attach their emotions to the celebrity, thus becoming convinced that the two involve in a real and heartfelt relationship.
“The fact that Hedera took it through so well,” commented Ms. Gupta, of Coinnex India, a cryptocurrency analyst, “perhaps set off a chain reaction that made others more visible, notably Algorand, the emerging blockchain platform”. “As Hedera and Algorand competitors could be placed into two different categories, but from time to time the interest in one might also affect the other one.”
Algorand’s Strong Fundamentals
Next, Ms. Gupta spoke about the association of Hedera with the new enthusiasm about Algorand ensuring that she pointed out Hedera’s growth as just one of the reasons. “With reference to the Algorand that there are some basic rules of the game known for attracting the best of the breed investors for the long-term”. So she said. “Their pure proof-of-stake consensus mechanism ensures fast transaction speeds and low fees, making them a viable alternative to traditional blockchains.”
Retail Investors See Long-Term Potential
UAE-based entrepreneur, Mr. Rohan Desai, is a long-term believer in Algorand’s potential. “I’ve been holding ALGO for over a year now, and I’m confident in the technology behind it,” he shared. “The recent price increase is a positive sign, but I’m more interested in Algorand’s long-term capabilities. They have the potential to disrupt various industries with their efficient and secure blockchain platform.”
Looking Ahead
While the reasons behind Algorand’s sudden surge remain open to speculation, it’s undeniable that the coin is experiencing a period of significant growth. With a strong technology base, a growing ecosystem, and a dedicated investor community, Algorand appears well-positioned to capitalize on the ever-evolving blockchain landscape.
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