Algorand Undermines Crypto Bloodbath, Adds Over 27% In A Week
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This week has been eventful in the crypto market. Many cryptocurrencies have seen huge losses since Monday, September 19.
The consolidation on September 15 started another downtrend in crypto prices. Later, the CPI data prompted central banks to raise interest rates by 75 basis points, sending asset prices down.
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But as these macroeconomic factors push many digital resources down, others are resisting the pressure and moving forward instead.
Algorand ALGO is one of these assets and is recording price gains in its 24-hour movements. But BTC and ETH have not fared well. For example, on September 20 and 21, Bitcoin lost its grip on $19,000 and fell $18,000.
On September 22, BTC rose again to $19,000, an intraday high, and did not remain at that level until press time. Currently, the BTC price has bounced back to $18,914, representing a loss of 1.91% in 24 hours.
Algorand’s ALGO does not affect macros
While many cryptocurrencies are bleeding, ALGO is recording positive price movements. Currently ALGO price is $0.3761 TradingViewand CoinMarketCap showing 2.48% growth in 24 hours while 27.98% in last week.
So far, the ALGO price movements are all in the green, as shown in the chart above. The coin started to rise after the market closed on September 17th. It jumped from $0.2973 to $0.3109 on the same day.
On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin jumped again and closed the market at $0.3172 on September 19. Since then, ALGO has continued to rise.
It rose to $0.698 on September 22nd and today stands at $0.3767. So far, the ALGO price movement has shown a continuous price increase for three consecutive days.
Analysts have also noted that ALGO’s moving average convergence difference is positive. Additionally, the relative strength index (RSI) of the coin is 58.18, indicating that ALGO is near overbought territory.
Why ALGO is accelerating
Although the crypto market is negative, there is a lot going on in the ALGO ecosystem. Currently, the total volume locked in the ecosystem has grown considerably. The DeFi blockchain is attracting huge interest, as evidenced by the $244 million TVL.
This figure was its data on September 22 after adding to its TVL’s 4.09% increase. The data also reveals that $100 million of that liquidity came from AlgoFi.
In addition to growing TVL, Algorand has made partnerships. The most visible recently is the FIFA&Algorand partnership, which enables the use of the crypto network FIFA+ Collect. On this platform, users can buy a wide variety of NFT products.
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According to FIFA+ Connect, the platform works like NBA Top Shot. Its users can buy artwork, highlights, pictures, etc. from prestigious football competitions. The platform will be launched before the World Championships in November.
Featured image from Pixabay and chart from TradingView.com