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Highlights
- Amid the latest market crash, cryptocurrency Algorand recorded a massive increase in its 24-hour trading volume
- Algorand is a network based on blockchain technology to support applications.
- It is built on the proof-of-stake protocol, and is used to generate new coins.
The cryptocurrency market has declined sharply amid massive volatility and sell-off in the last 24 hours, with popular digital currencies like Bitcoin and Ether declining 14.4 and 16 per cent, respectively, at the time of writing this.
The virtual currencies market continued trading in red on Wednesday, September 8, as prices continued to plunge due to delays in trading.
The ‘unexpected’ market crash could have been triggered by investors responding negatively to Bitcoin becoming a legal tender in El Salvador.
But amid this crash, cryptocurrency Algorand (ALGO) recorded a massive increase in its trading volume.
Algorand crypto has surged by 15.8 per cent in the last 24 hours, bringing its volume up by 135 per cent to US$ 1.586 billion.
What is Algorand?
Algorand is a network based on blockchain technology to support a wide range of applications. It was created for convergence between decentralized and traditional financial institutions to create modern financial products.
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As of December 2020, Algorand was capable of handling one million transactions per day and its mainnet was launched in June 2019.
Established by Silvio Micali, a professor at the prestigious Massachusetts Institute of Technology, Algorand was started to speed up transactions on the blockchain and improve their efficiency.
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Algorand is based on the proof-of-stake protocol, and it is used to generate new coins.
ALGO token’s price movements and prediction
ALGO was trading at US$ 1.57 per token at 6 AM EST, which was 1,416 per cent higher than an all-time low of US$ 0.105336 apiece on March 13, 2020.
ALGO’s value jumped 324 per cent in the last one year and surged 41 per cent in a week, as per CoinGecko.
As the native cryptocurrency is gaining positive momentum, it could reach US$ 4 apiece by December 2021 and reach US$ 7 per token by the end of 2022.
Also Read: Dromos crypto: Price prediction and everything to know about DRM token
ALGO token has a circulating supply of 3,525,117,182 and the total Supply is 5,761,403,958 tokens. According to CoinGecko, the cryptocurrency ranks at the 30th position.
Bottom line
Cryptocurrency prices keep fluctuating as the market is highly volatile. It is important to study the use cases and blockchain networks before investing in a virtual token.
