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 recorded large losses since Monday, September 19.

The Merge on September 15 kickstarted one other downtrend for crypto prices. Afterward, CPI knowledge made the feds hike the interest rate by 75 basis factors, sending assets worth downwards. 

Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance

But as these macroeconomic factors push many digital property down, others resist the stress and move forward instead. 

Algorand ALGO is one of these property, recording price positive aspects in its 24 hours actions. But BTC and ETH haven’t fared nicely. For occasion, on September 20 and 21, Bitcoin lost its grip on $19K, falling to $18K. 

On September 22, BTC climbed once more to $19K, an intraday excessive, and did not maintain on to that degree till press time. Currently, the BTC worth is again bounced to $18,914, representing a 1.91% loss in 24 hours. 

Algorand’s ALGO Not Affected By Macros

While many cryptocurrencies bleed, ALGO is recording constructive worth actions. Currently, the ALGO value is $0.3761 on TradingView, and CoinMarketCap reveals a 2.48% growth in 24 hours while 27.98% in the final week.

So far, ALGO value actions are all green, as seen within the chart above. The coin started an upward climb because the close of the market on September 17. It jumped from $0.2973 to $0.3109 the same day. 

On September 18, ALGO misplaced a few of its positive aspects to shut the market at $0.2925. But a couple of hours later, the coin jumped once more and closed the market at $0.3172 on September 19. Since then, to press time, ALGO has continued its upward motion. 

It climbed to $0.698 on September 22 and is today buying and selling at $0.3767. So far, the ALGO price movement reveals a continuous value gain for 3 consecutive days. 

Analysts have additionally identified that ALGO’s moving average convergence divergence is optimistic. Also, the coin’s RSI (Relative Strength Index) is at 58.18, exhibiting that ALGO is closing to the overbought region. 

ALGO is at present buying and selling at $0.3782. | Source: ALGOUSD worth chart from TradingView.com

Why Is ALGO Surging 

Even although the crypto market is adverse, lots is going on within the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown significantly. The DeFi blockchain is recording massive curiosity, evidenced by the $244 million value of TVL. 

This determine was its information as of September 22 after including 4.09% development in its TVL. Data also reveals that $100 million out of this liquidity got here from AlgoFi. 

Apart from growing TVL, Algorand has made partnerships. The prominent one just lately is the FIFA& Algorand partnership enabling the crypto community to FIFA+ Collect. This platform is the place users will purchase NFT objects of many types. 

Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why

According to the details of FIFA+ Connect, the platform will function like NBA Top Shot. Its users should purchase paintings, highlights, pictures, and so forth., from prestigious soccer competitions. The platform will launch earlier than the World Cup, slated for November. 

Featured image from Pixabay and chart from TradingView.com

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