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||60.8%||82||$29 191.52||-2.06%||2.70%||$555 914 015 832|
|2||ETH||Ethereum predictions||64%||82||$1 954.39||-4.11%||-1.82%||$236 158 317 873|
|3||USDT||Tether predictions||92.8%||1||$0.998880||0%||0.42%||$74 130 049 611|
|4||USDC||USD Coin predictions||95.6%||1||$0.999973||-0.01%||-0.03%||$52 352 625 225|
|5||BNB||Binance Coin predictions||63.2%||83||$295.49||-1.54%||15.82%||$48 246 384 325|
|6||XRP||XRP predictions||68%||71||$0.409560||-4.29%||6.64%||$19 799 416 736|
|7||BUSD||Binance USD predictions||93.6%||1||$1.001666||0.20%||-0.19%||$18 443 180 310|
|8||ADA||Cardano predictions||64%||77||$0.518507||-7.30%||14.16%||$17 500 944 869|
|9||SOL||Solana predictions||58.4%||84||$50.68||-8.06%||10.69%||$17 098 227 484|
|10||DOGE||Dogecoin predictions||61.2%||87||$0.084476||-4.75%||5.40%||$11 207 554 336|
|11||DOT||Polkadot predictions||62.8%||78||$9.71||-7.67%||16.86%||$9 589 547 375|
|12||WBTC||Wrapped Bitcoin predictions||59.6%||82||$29 143.47||-2.27%||2.60%||$8 158 800 980|
|13||AVAX||Avalanche predictions||58.8%||82||$29.81||-10.49%||2.50%||$8 022 029 630|
|14||TRX||TRON predictions||73.6%||55||$0.071895||0.68%||-3.97%||$7 014 123 058|
|15||DAI||Dai predictions||95.2%||1||$1.000661||0.07%||0.23%||$6 504 642 637|
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