Institutional investment, new governance features and a groundbreaking project with the government of El Salvador are just a few of the factors behind ALGO’s rally to a new all-time high. Real-world adoption is what really matters when it comes to being a successful blockchain project and one project that benefited from a recent uptick in adoption is Algorand (ALGO), a pure proof-of-stake protocol aiming to become the go-to base layer for the global financial industry.
Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at $0.67 on July 20, the price of ALGO has rocketed 268% to a daily high at $2.47 on Sept. 9 as its 24-hour trading volume surged to a record-high $4.83 billion.
The sudden surge in price and trading volume for Algorand came following El Salvador's announcement that it is now recognized as legal tender. Additionally, El Salvador has also selected Algorand's blockchain to help develop its own blockchain infrastructure.
The Algorand network has slowly gained increased attention from larger institutions and governments due to its work on central bank digital currencies. On top of that, the project has been chosen to host popular stablecoins like USD Coin (USDC) and Tether (USDT).
Algorand’s selection by El Salvador is perhaps the most significant vote of confidence the project has received to date, which can lead to further large-scale adoption as other governments and institutions watch to see how the project progresses.
A second factor helping drive the price of ALGO are recent moves made by the Algorand Foundation to get the community more involved with the project and active on the network. The project is in the process of launching governance features for token holders, which are set to go live on Oct. 1 and will give users more of a say in the future development of the platform.
The project developers are also working on new decentralized finance and nonfungible token applications that may attract new users who want to get in on the NFT craze action but are prevented by the high fees on the Ethereum network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ALGO on Sept. 4, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. VORTECS™ Score for ALGO was elevated early in September and reached a high of 70 on Sept. 4, roughly 78 hours before the price began to increase 114% over the next two days.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||75.2%||52||$56 258.13||-1.35%||-3.39%||$1 062 685 871 647|
|2||ETH||Ethereum predictions||82.8%||32||$4 489.75||-2.02%||0.62%||$532 409 655 839|
|3||BNB||Binance Coin predictions||80%||34||$611.27||-1.84%||-6.27%||$101 960 292 775|
|4||USDT||Tether predictions||93.2%||1||$1.000332||-0.08%||-0.03%||$74 127 743 219|
|5||SOL||Solana predictions||70%||59||$228.23||0.71%||10.70%||$69 756 769 207|
|6||ADA||Cardano predictions||63.6%||75||$1.67||7.55%||1.04%||$55 541 807 746|
|7||XRP||XRP predictions||68%||69||$0.966682||-1.39%||-6.74%||$45 673 121 634|
|8||USDC||USD Coin predictions||95.6%||2||$1.000586||0.01%||0.05%||$39 076 707 256|
|9||DOT||Polkadot predictions||62%||77||$35.31||-2.83%||-9.08%||$34 868 955 794|
|10||DOGE||Dogecoin predictions||59.2%||80||$0.206922||-0.17%||-5.39%||$27 388 014 340|
|11||LUNA||Terra predictions||69.6%||68||$66.14||3.27%||50.17%||$25 662 261 357|
|12||AVAX||Avalanche predictions||61.2%||75||$106.91||-9.78%||-8.11%||$23 943 836 667|
|13||SHIB||SHIBA INU predictions||65.6%||78||$0.000042||-2.73%||1.55%||$22 792 818 490|
|14||CRO||Crypto.com Chain predictions||56%||89||$0.692197||-3.51%||-8.23%||$17 486 981 094|
|15||MATIC||Polygon predictions||68.4%||63||$2.09||-0.73%||11.57%||$14 682 483 901|
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