Why Does Algorand Crypto Price (ALGO) Keep Rising? This Is The Cause

JAKARTA – The increase in the price of the Algorand crypto (ALGO) in recent days is due to the increasing adoption of the Algorand blockchain by a number of important institutions in El Salvador which is intended as part of an important layer for the global financial industry. The price of the Algorand cryptocurrency immediately went up.

Cointelegraph, Markets Pro, and Trading View reports prove that since the price of ALGO fell free on July 20, it has increased by 268 percent to its highest level of 2.47 US dollars (around Rp. 35 thousand) on September 9. As a result of this increase, ALGO's trading volume also skyrocketed to US$4.83 billion (equivalent to Rp. 62 trillion).

The skyrocketing price and trading volume of ALGO was triggered by El Salvador's announcement that Bitcoin is officially a legal tender. More specifically, El Salvador also decided to use the Algorand blockchain in the development of its own blockchain infrastructure.

Slowly but surely, the Algorand network is now starting to attract the attention of wider institutions and governments because of its work in the field of central bank digital currency (CBDC). It didn't stop there, the Algorand network was also chosen to host a number of stablecoins such as USDT and USDC.

The election of Algorand by the country led by President Nayib Bukele is a positive sentiment that can lead to the adoption of Algorand's own blockchain on a large and massive scale. Until now, a number of countries and government agencies are observing the progress of the Algorand project.

Another reason that triggers the increase in the price of ALGO is the Algorand Foundation's decision to actively involve the community in projects in its network. The project will launch governance features for token holders.

The launch is planned to be held on October 1, which is intended to increase more opportunities for users to vote in the future development of Algorand.

The developer Algorand is also reportedly working on decentralized finance (DeFi) and NFT. For NFT itself, Algorand seeks to create an application that allows new users to create NFTs at an affordable price. Most potential new users prefer to leave after seeing the high fees or gas fees for creating NFTs on the Ethereum network. Algorand comes with the best solution that can attract NFT enthusiasts at an affordable cost.

At the time of writing, data from Coingecko reported that the price of crypto ALGO was trading at the level of Rp. 29,181, an increase of 102.8 percent in the last two weeks.