Algorand Undermines Crypto Bloodbath, Adds Over 27% In One Week
This week has been eventful in the crypto market. Many cryptocurrencies have recorded huge losses since Monday, September 19.
The September 15 merger started another downtrend for crypto prices. Afterwards, the CPI data prompted the US Federal Reserve to raise interest rates by 75 basis points, sending asset prices lower.
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But as these macroeconomic factors push many digital assets down, others are resisting the pressure and moving forward instead.
Algorand ALGO is one of these assets, recording price gains in its 24 hour movements. But BTC and ETH have not fared well. For example, on September 20th and 21st, Bitcoin lost its grip on $19K, and fell to $18K.
On September 22, BTC climbed again to $19K, an intraday high, and did not hold at that level until press time. Currently, the BTC price has once again returned to $18,914, representing a loss of 1.91% in 24 hours.
Algorand’s ALGO is not affected by macros
While many cryptocurrencies are bleeding, ALGO is registering positive price movements. Currently ALGO price is $0.3761 at TradingViewand CoinMarketCap shows a growth of 2.48% in 24 hours while 27.98% in the last week.
So far, the ALGO price movements are green, as shown in the chart above. The coin started an upward climb since the market closed on September 17. It jumped from $0.2973 to $0.3109 on the same day.
On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin bounced back and closed the market at $0.3172 on September 19. Since then, to press for time, ALGO has continued its upward movement.
It climbed to $0.698 on September 22 and is trading today at $0.3767. So far, the ALGO price movement shows a continuous price gain for three consecutive days.
Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. The coin’s RSI (Relative Strength Index) is also at 58.18, which shows that ALGO is approaching the overbought region.
Why is ALGO rising?
Although the crypto market is negative, there is a lot happening in the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown considerably. The DeFi blockchain is registering massive interest, evidenced by TVL worth $244 million.
This figure was the September 22 data after adding 4.09% growth in TVL. Data also reveals that $100 million of this liquidity came from AlgoFi.
Apart from growing TVL, Algorand has entered into partnerships. The recent standout is the FIFA & Algorand partnership which enables the crypto network to FIFA+ Collect. This platform is where users will buy NFT items of many types.
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According to the details of FIFA+ Connect, the platform will act as NBA Top Shot. Users can purchase artwork, highlights, photos, etc. from prestigious football competitions. The platform will be launched before the World Cup, scheduled for November.
Featured image from Pixabay and chart from TradingView.com
