Algorand Crypto Price (ALGO) Skyrocketed In 24 Hours When Bitcoin Falls

Algorand crypto price (ALGO) skyrockets when bitcoin falls (cryptobitcoin)

JAKARTA – When the crypto crashed yesterday, the price of Algorand (ALGO) experienced a positive upward trend. ALGO managed to carve its highest price in two years. ALGO's all-time highest price (ATH) was at the level of Rp50,402 which occurred on June 20, 2019.

The ALGO token experienced a 26 percent increase in the last 24 hours, successfully rising to a price of Rp31,110 at 10:44 this morning. That is ALGO's highest price since last June 2019 when its mainnet was released. It is not yet known whether the upward trend in the price of the ALGO token will return to its all-time high or not. Whereas one week earlier ALGO was still struggling at Rp. 16 thousand.

The increase in the Algorand token does not seem to be affected by the recent fall in Bitcoin price, considering that almost all crypto assets have fallen with the exception of stablecoins such as USDT and USDC and other stable coins. Meanwhile, a number of altcoins such as eCash (XEC) began to recover, followed by Shiba Inu (SHIB) in the early hours of this morning in the Indonesian market.

Launching Coindesk, the ALGO token is the only token that has recorded positive returns among the top 15 smart contract platforms by market capitalization as per data from the Messari smart contract platform. Tokens from other popular layer 1 blockchains such as Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polkadot (DOT) have experienced a decline in the 24 hours following yesterday's market crash.

Due to the increase in the midst of the market crash, many people on social media consider ALGO as “the next Solana”. On Wednesday, the largest ALGO trading volume from crypto exchanges Binance and Coinbase as data reports from Coinecko.

Crypto sentiment tracker Trade The Chain revealed that ALGO's daily sentiment rose more than 40 points in less than four hours. An analyst from the site, Nick Mancini stated that this indicates an instantaneous increase in traders' interest in ALGO. Trade The Chain calculates token sentiment by capturing data sources from the internet and contextualizing it to sentiment analysis.

Not much different from the coins dubbed the "Ethereum Killer" such as Solana, Terra, Cardano, and Polkadot, Algorand is also said to be a competitor to ETH and enter the ranks of Ethereum killer coins. Crypto Algorand uses Proof-of-Stake (PoS) consensus, has the support of a number of top venture capital firms such as Multicoin Capital, Digital Asset Capital Management, and Union Square Ventures.