Algorand climbs 30% during market downturn

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Algorand recovered from yesterday’s stock market crash, climbing more than 30% on Tuesday morning. The coin appears to have decoupled from Bitcoin’s price action, hitting a new local high.

Algorand defies the market

While most of the crypto market has fallen in the wake of Bitcoin’s 16% flash crash, some projects have held up well.

Algorand posted a gain of over 30% today, hitting a new local high of $ 1.81. It has cooled slightly since then, trading at $ 1.73 at the time of writing. The volume of transactions has also increased, having more than doubled in the past 24 hours.

Source: CoinGecko

At the same time, other large projects collapsed, with prices dropping by as much as 25%. Those hard hit by the current slowdown include the other Layer 1 projects Avalanche and Tezos, dropping 23% and 24% respectively before posting slight recoveries.

In contrast, Algorand turned the tide, posting double-digit gains as the rest of the market fell. ALGO quickly passed its May highs, showing new enthusiasm for the protocol.

In recent months, Algorand has entered into multiple business partnerships across Latin America. In June, the Spanish neobank Bnext exploited the protocol to provide international money transfer services across Spain and Latin America. More recently, Algorand forged a key partnership with the Salvadoran government, working with Latin crypto firm Koibanx to implement blockchain technologies in the country.

Also noteworthy is a recent announcement from the Algorand Foundation regarding how the outstanding ALGO offering is being reported. The new reporting metric will now include all unrestricted ALGOs not directly owned by the Algorand Foundation.

As interest in smart contract-enabled Layer 1 blockchains grows, Algorand is well positioned to continue to grow.

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.

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