This Is What Could Push Algorand To New Heights
- State of Algorand
- No interference, just decentralization
Algorand [ALGO]September 22, managed to outperform most cryptocurrencies thanks to the recent activation of “State Proofs”. At press time, ALGO was up 12.74% to $0.3578 per CoinMarketCap information.
Interestingly, price wasn’t the only area affected. The price tracking platform showed that ALGO had also seen a rise in volume, recording a 45.26% increase in the last 24 hours. Besides price, how exactly did this development affect the ALGO ecosystem?
No interference, just decentralization
In the announcement, ALGO’s founder stated that State Proofs would allow ALGO to connect with bridges without intermediaries.
State Proofs is now live! This technology enables the construction of decentralized bridges, allows nodes to join our consensus process without having to rely on any “preliminary” information, and @Algorand quantum secure, all while making decentralization a priority. TO ALGORAND!
– Silvio Micali (@silviomicali) 21 September 2022
The founder also noted that State Proofs were very useful. He added that the new integration would help prevent Algorand from quantum attacks in the region Medium message attached.
These attacks are attacks designed to disrupt public key cryptographic systems. Overall, the certificate would allow the ALGO community to own digital signatures that are publicly verifiable.
In light of the news, certain gauges on the chain of the ALGO chain began to react. While development activity decreased even further, NFTs The metrics favor the second route. By HolyALGO’s NFT trading volume on September 21 increased from $186,000 to $606,000 at press time.
Also, when it comes to the supply percentage of whales, there was nothing positive about it. However, additional information indicated that the ALGO community may have been taking their NFT stake seriously.
NFTs worth more than $100,000 were inactive on the 19th-20th. September But during the state’s evidence of the increase in transactions increased to $346,000.
Will the fire continue to burn?
Now that the creator economy token was in green, will it stay that way for the next few days? Well, the Relative Strength Index (RSI) showed that ALGO’s momentum was still rising.
At the time of writing, it was heading towards an overbought level at 69.48. If it continues to rise, a reversal may occur, which in turn may affect the price.
When evaluating the exponential moving average (EMA), it was observed that the price increase could last longer. Based on the 4-hour chart, the 20 EMA (blue) remained stable relative to the 50 EMA (yellow). With the position, it is possible that the investors have a chance to get more profit.
This article was compiled from: AMBCrypto
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