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||92%||10||$26 805.87||-1.40%||2.56%||$519 755 870 988|
|2||ETH||Ethereum predictions||89.6%||5||$1 854.67||-0.84%||4.20%||$223 015 422 400|
|3||USDT||Tether predictions||94.8%||1||$1.000096||-0.02%||0.03%||$83 230 335 223|
|4||BNB||Binance Coin predictions||92%||1||$303.98||-1.00%||-0.22%||$47 377 323 224|
|5||USDC||USD Coin predictions||94.4%||1||$0.999905||-0.01%||0%||$28 877 501 003|
|6||XRP||XRP predictions||76.8%||37||$0.505541||-0.88%||12.34%||$26 279 740 617|
|7||ADA||Cardano predictions||90.4%||10||$0.363936||-3.17%||2.01%||$12 695 439 313|
|8||STETH||Lido stETH predictions||95.6%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||85.6%||17||$0.071531||-0.10%||1.71%||$9 984 428 154|
|10||MATIC||Polygon predictions||79.2%||35||$0.889823||0.05%||1.41%||$8 257 084 812|
|11||SOL||Solana predictions||80%||29||$20.61||-0.54%||6.81%||$8 175 590 615|
|12||WTRX||Wrapped TRON predictions||80.4%||37||$0.074658||-1.32%||-3.61%||$7 590 887 095|
|13||LTC||Litecoin predictions||81.2%||38||$92.37||3.38%||9.85%||$6 747 710 768|
|14||TRX||TRON predictions||77.6%||35||$0.074386||-1.89%||-3.97%||$6 711 481 387|
|15||DOT||Polkadot predictions||90.8%||10||$5.22||-2.17%||-0.51%||$6 213 935 139|
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