The Algorand price doubled in value over the past two days mirroring Solana’s recent explosion and here’s what could be behind the recent price rise so let’s read more in our latest altcoin news today.
Algorand’s ALGO crypto doubled in price over the past two days and it increased above $2 for the first time in over two years. El Salvador started utilizing Algorand’s proof of stake blockchain network for infrastructure and services but there’s no shortage of smart contract blockchains aiming to knock ETH off of its pedestal as the leading network for dapps, NFTs, and Defi. Algorand is one of them and its native ALGO cryptocurrency is in the middle of the Solana-like price surge. ALGO reached a new high of $2.44 per coin today as per coinGecko and marked a rapid increase from the $1.20 price point that was seen on Tuesday during a market-wide morning flash crash. The price is off the mark for $2.30 per coin and as of the time of writing, Algorand is up 98% on the week and 168% over the past month.
.@algodeskio V/2.0 is now live on #Algorand MainNet! The new release consists of a full integration of the official Algorand Mobile Wallet, @myalgo_ and #AlgoSigner, allowing users to tokenize anything in minutes on the Algorand #blockchain.
Learn more 👇https://t.co/6rWUVzn9kP
— Algorand (@Algorand) September 9, 2021
Algorand’s price hasn’t been at this level since the coin was initially launched in June 2019 and the Coingecko data showed an ATH of $3.56 from that time but the coin fell below the $2 level and remained at this level a day ago. It also jumped 35% over the past 24 hours alone as of the time of writing. Launched in 2019, Algorand is a blockchain platform that uses an energy-efficient proof of stake model similar to Solana and the upcoming ETH 2.0 launch. The goal of the blockchain is to be fast and scalable which is the kind that enables users to trade, borrow and lend crypto without third-party intermediaries. After its price peak, Algorand reached the 12th spot on CoiGecko’s rang list for largest cryptos by market cap.
There are other factors that could explain Algorand’s recent surge as the financial services company Koinbanx announced that it even signed an agreement with the government of El Salvador to launch the Latin American country’s blockchain infrastructure on the blockchain. El Salvador even adopted Bitcoin as a legal tender this week but there were plenty of technical issues alogn with the resistance from people in the country. Koinbanx will use Algorand for building a blockchain infrastructure and services as well as the COVID-19 tracking system as well as teh financial services platform.
Rival blockchain platform Solana will also be a factor here as the SOL cryptocurrency jumped from a price of $37 per coin to $213. Solana is the key competitor to Ethereum thanks to the low fees and ability to handle a much bigger amount of transactions and both DeFi and NFTs are growing on Solana. Algorand is another alternative to Solana and Ethereuma and it is one of the lower-priced coins with a smaller market cap it has more room to grow.
The algorand price doubled as its Defi usage also saw some growth as of late with about $90 million in value locked within Defi smart contracts on the platform. In terms of the amount of ALGO locked in those protocols, it’s a 53% increase over the past month.
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