Bitcoin
BTC$48 068.38

-0.43%

Ethereum
ETH$3 564.24

-1.78%

Cardano
ADA$2.43

-1.86%

Binance Coin
BNB$423.38

-1.83%

Tether
USDT$1.000511

0.01%

XRP
XRP$1.096014

-2.04%

Here’s why Algorand's price just rallied to a new multi-year high


10 Sep 2021   #Algorand

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.

El Salvador builds on Algorand

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.

NFTs, DeFi and governance could attract new users

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.


Related

Algorand (ALGO) price strengthens as institutional investors back the project
Algorand pledges carbon-negative blockchain
Algorand Launches Blockchain-Based Global Coronavirus Survey
Algorand Launches Blockchain-Based Global Coronavirus Survey

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 82.8% 24 $48 068.38 -0.43% 2.90% $904 552 592 109 $30 966 097 189
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 564.24 -1.78% 3.14% $418 997 277 161 $18 764 428 420
3 Cardano (ADA) ADA Cardano predictions 66.4% 64 $2.43 -1.86% -4.99% $77 762 171 546 $3 085 080 557
4 Binance Coin (BNB) BNB Binance Coin predictions 63.6% 70 $423.38 -1.83% -1.23% $71 186 613 232 $1 670 523 937
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000511 0.01% 0.05% $68 288 855 645 $74 100 163 467
6 XRP (XRP) XRP XRP predictions 72.8% 55 $1.096014 -2.04% -3.72% $51 098 642 600 $2 972 959 907
7 Solana (SOL) SOL Solana predictions 56.8% 89 $149.74 -5.57% -21.61% $44 447 194 000 $3 259 409 601
8 Polkadot (DOT) DOT Polkadot predictions 58.4% 83 $36.69 2.33% 14.49% $36 235 518 897 $2 308 494 829
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 65 $0.257382 4.84% 0.32% $33 796 922 711 $1 760 021 804
10 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000184 0.01% 0.02% $29 237 308 733 $2 846 778 419
11 UniSwap (UNI) UNI UniSwap predictions 73.6% 56 $25.95 -4.24% 8.79% $15 869 589 993 $590 249 626
12 Terra (LUNA) LUNA Terra predictions 68.4% 67 $36.55 0.26% 12.35% $14 691 406 586 $1 543 465 878
13 Avalanche (AVAX) AVAX Avalanche predictions 65.2% 69 $64.75 9.96% 46.82% $14 264 323 937 $2 618 327 427
14 Chainlink (LINK) LINK Chainlink predictions 74% 55 $30.07 -4.45% 3.96% $13 594 035 693 $1 522 191 986
15 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000216 0.01% 0.02% $12 747 588 570 $6 369 639 162

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.