Algorand

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The price of one Ethereum (ETH) competitor is surging as the global soccer organization FIFA launches digital art on its blockchain.
According to crypto analytics firm IntoTheBlock, new users are flocking to smart contract platform Algorand (ALGO) by the thousands daily with the launch of official FIFA World Cup non-fungible tokens (NFTs).

“New addresses making their first ALGO transaction have climbed from 5,000 a day to 20,0000 a day within three months.”
Source: IntoTheBlock/Twitter
In May, FIFA inked a sponsorship agreement with Algorand to make the Ethereum rival the official blockchain platform of FIFA. This month, the global soccer group launched FIFA+ Collect, a platform designed to give fans around the world the chance to own FIFA digital collectibles in the form of NFTs.
ALGO’s price bucked the downward price trend of other cryptocurrencies over the past week. The smart contract protocol jumped from a seven-day low of $0.293 to a high of $0.407, marking a nearly 40% increase in just one week.
ALGO has slightly retraced since and is trading at $0.388 at time of writing.
Earlier this month, Algorand announced that the firm was appointing a new chief marketing officer. Michele Quintaglie joined Algorand’s leadership team on September 19th to spearhead the company’s global marketing and communications efforts and build the firm’s brand awareness and reach.
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Featured Image: Shutterstock/Pattern Trends/Andy Chipus
The post Ethereum Challenger Defies Crypto Markets and Surges 38% This Week As FIFA Partnership Drives New User Growth appeared first on The Daily Hodl.


The price of one Ethereum (ETH) competitor is surging as the global soccer organization FIFA launches digital art on its blockchain. According to crypto analytics firm IntoTheBlock, new users are flocking to smart contract platform Algorand (ALGO) by the thousands daily with the launch of officia...

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Ethereum Challenger Defies Crypto Markets and Surges 38% This Week As FIFA Partnership Drives New User Growth

The crypto market is presently going through another round of downward movement except for a few coins like Algorand. Prices of cryptocurrencies are drastically dropping as macroeconomic factors set the pace. With the bearish trend, the primary crypto asset has crashed from its crucial support levels.
Following the meeting of the FOMC on Wednesday, September 21, the US Federal Reserve settled its approach to controlling the rising inflation. Its decision led to the hike of the interest rates by 75 basis points.

With the increase in the rates, the prices of crypto assets in the crypto market are depleting. As a result, the bears gradually take over as the price crash expands. However, the native token of Algorand has distinguished itself from the prevailing trend as it beats the price crash.
Algorand Defiles the Bearish Sentiment
While other assets are under selling pressure due to the bearish sentiment, ALGO displayed more positive strength. The price of ALGO is trading at $0.3816 at the time of writing. This shows about a significant gain.
Surprisingly, ALGO had increased by more than 20% over the past seven days. This remarkable feat from Algorand came through the blockchain’s performance which recorded up to 6,000 TPS. The value exceeds that of MasterCard, which boasts 5,000 TPS.
Other tokens in the market are far behind Algorand’s outstanding performance. BTC also tanked but managed to sustain. Ethereum dropped by over but is now trending sideways. Its post-merge performance is far below expectation. ETH dipped by more than 20% after it transitioned to PoS. At the press time, Ether is trading around $1,323.
Comparing Algorand’s price increase and Ethereum pot-merge performance gives a sharp contrast. While ALGO gained by 20%, ETH dipped by 20% after the Merge.
Reasons For ALGO High Performance
Algorand is developed as a blockchain protocol with a proof-of-stake consensus mechanism. The project team boasts of the protocol void of trilemma issues, making Algorand achieve decentralization, scalability, and security with ease. Moreover, it parades its major strength as environmental sustainability.
Speed has been a more selling point for Algorand. It claimed that the network could perform up to 6,000 TPS. This record surpasses the functionality of MasterCard, which handles about 5,000 TPS. With its speed, the Algorand blockchain takes just 3.7 seconds to hit finality and block production.
Algorand trends sideways after gaining growth l ALGOUSDT on Tradingview.com
The protocol just added another technical success to its stance in the crypto space. The Algorand blockchain included State Proofs on its platform. This addition will enable Algorand to digitally sign messages in a more decentralized approach.

Reacting to the new move, Algorand’s co-founder, Silvio Micali, stated the importance of having state proofs. He noted that it would enhance the safety of the blockchain against quantum attacks. Also, Micali acknowledged that the guarantees provide decentralized bridges with other chains.
Featured image from Pixabay, charts TradingView.com


The crypto market is presently going through another round of downward movement except for a few coins like Algorand. Prices of cryptocurrencies are drastically dropping as macroeconomic factors set the pace. With the bearish trend, the primary crypto asset has crashed from its crucial support le...

newsbtc.com

Algorand Registers Significant Gains Amid Crypto Winter

This week has been eventful in the crypto market. Many cryptocurrencies have recorded massive losses since Monday, September 19.
The Merge on September 15 kickstarted another downtrend for crypto prices. Afterward, CPI data made the feds hike the interest rate by 75 basis points, sending assets price downwards. 
Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance
But as these macroeconomic factors push many digital assets down, others resist the pressure and move forward instead. 
Algorand ALGO is one of these assets, recording price gains in its 24 hours movements. But BTC and ETH haven’t fared well. For instance, on September 20 and 21, Bitcoin lost its grip on $19K, falling to $18K. 
On September 22, BTC climbed again to $19K, an intraday high, and did not hold on to that level till press time. Currently, the BTC price 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 positive price movements. Currently, the ALGO price is $0.3761 on TradingView, and CoinMarketCap shows a 2.48% growth in 24 hours while 27.98% in the last week.
So far, ALGO price movements are all green, as seen in the chart above. The coin started an upward climb since the close of the market on September 17. It jumped from $0.2973 to $0.3109 the same day. 
On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin jumped again and closed the market at $0.3172 on September 19. Since then, to press time, ALGO has continued its upward movement. 
It climbed to $0.698 on September 22 and is today trading at $0.3767. So far, the ALGO price movement shows a continuous price gain for three consecutive days. 
Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. Also, the coin’s RSI (Relative Strength Index) is at 58.18, showing that ALGO is closing to the overbought region. 
ALGO is currently trading at $0.3782. | Source: ALGOUSD price chart from TradingView.com
Why Is ALGO Surging 
Even though the crypto market is negative, a lot is happening in the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown considerably. The DeFi blockchain is recording massive interest, evidenced by the $244 million worth of TVL. 
This figure was its data as of September 22 after adding 4.09% growth in its TVL. Data also reveals that $100 million out of this liquidity came from AlgoFi. 
Apart from growing TVL, Algorand has made partnerships. The prominent one recently is the FIFA& Algorand partnership enabling the crypto network to FIFA+ Collect. This platform is where users will buy NFT items 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 operate like NBA Top Shot. Its users can purchase artwork, highlights, images, etc., from prestigious soccer competitions. The platform will launch before the World Cup, slated for November. 
Featured image from Pixabay and chart from TradingView.com


This week has been eventful in the crypto market. Many cryptocurrencies have recorded massive losses since Monday, September 19. The Merge on September 15 kickstarted another downtrend for crypto prices. Afterward, CPI data made the feds hike the interest rate by 75 basis points, sending assets p...

Algorand (ALGO) Undermines Crypto Bloodbath, Adds Over 27% In A Week


Algorand (ALGO) is showing bullish signs in the long-term, though it has yet to confirm the movement with a breakout from a short-term resistance area.



Algorand, the Layer-1 proof-of-stake blockchain network, announced the appointment of Michele Quintaglie as its Chief Marketing Officer (CFO). Quintaglie has an extensive background in corporate communications in several Fortune 100 companies such as Visa Inc, United Technologies, and Fidelity asset management. She is tasked with improving the position of Algorand in the marketplace through key partnerships, sponsorships, and influencer marketing. 



The positive news for Algorand does not stop here. Algorand Non-Fungible Token (NFT) sales reached a new all-time high in September, even though there are eight more days left until the end of the month. This shows an increasing interest in the Algorand NFT market and could be a sign of positive things to come.



Ongoing pump



At one point on Sept. 22, ALGO increased by 23.54% on the day, reaching a high of $0.407 in the process. This seemingly caused a breakout above the $0.37 resistance area. 



However, the price failed to sustain the upward movement and created a long upper wick, falling back below the aforementioned resistance. 



Despite the failure to sustain the upward movement, the daily RSI is bullish, supporting the possibility of a future breakout. The indicator has moved decisively above 50 and reached a high of 65, the highest value since March.



ALGO/USDT Chart By TradingView


ALGO weekly movement



On top of the short-term increase, the weekly chart shows signs of a potential long-term upward movement. There are three main reasons for this: 



A bounce at the $0.30 long-term areaA breakout from a long-term descending resistance lineBullish divergence in the weekly RSI



This suggests that an upward movement towards the $0.75 resistance area is likely to occur. 



In order for the bullish trend reversal to be fully confirmed, the weekly RSI has to break out above its bearish divergence trendline (black) and move above 50. However, an upward movement towards $0.75 seems likely in any case.



ALGO/USDT Chart By TradingView


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The post Algorand (ALGO) Surges 23% Following Hiring of Former Comms Head at Visa & Fidelity appeared first on BeInCrypto.


Algorand (ALGO) is showing bullish signs in the long-term, though it has yet to confirm the movement with a breakout from a short-term resistance area.
The post Algorand (ALGO) Surges 23% Following Hiring of Former Comms Head at Visa &#038; Fidelity appeared first on BeInCrypto.


beincrypto.com

Algorand (ALGO) Surges 23% Following Hiring of Former Comms Head at Visa & Fidelity

While large cryptocurrencies, such as Bitcoin and Ethereum, trade in the red, the Algorand price continues to see profits. Over the last day, this cryptocurrency has been one of the best-performing assets in the sector. 

At the time of writing, Algorand price trades at $0.36 with a 14% profit and a 21$ profit in the last 24 hours and 7 days, respectively. The cryptocurrency’s performance over this period has only been surpassed by XRP with a 28% profit and Chiliz (CHZ) with a 29% profit.
ALGO’s price on a rally in the 4-hour chart. Source: ALGOUSDT Tradingview
Algorand Price Reacts To Ecosystem Developments
Data from DeFi Llama indicates that the Algorand price short timeframe rally is supported by a spike in network activity and ecosystem growth. Over the past week, Algorand’s total value locked (TVL) has followed the price with a 13% spike or $250 million onboarding the network.
Algorand’s TVL growth has surpassed Binance Smart Chain, Stellar network, Arbitrum, Avalanche, and others. This trend seems to be rooted in a hike in development activity in Algorand.
Additional data from research firm Santiment indicates that Algorand has been the 4th blockchain in terms of activity on a weekly timeframe. Surpassed by Ethereum, Polkadot, and Solana, Algorand has seen over 70 projects build on its ecosystem.
Source: Santiment via Polkadot Insider
This coincides with a series of partnerships, and projects announced for the ecosystem. The most important seems to be a cooperation with the Federation International Football Association (FIFA) to host a non-fungible token (NFT) and marketplace.
In the coming months, FIFA will celebrate the world cup with the best football teams in the world. This event attracts the attention of millions of fans around the world. The Algorand-based project called FIFA Plus Collect will provide people with a unique experience by allowing them to “own the greatest moments in football history”.

The FIFA+ Marketplace is live now! Start building your personal collection and be part of the richest and most authentic football legacy of all time. Enjoy the FIFA+ Collect experience. https://t.co/gRoXHzhVHJ #fifa #fifaplus #fifapluscollect #algorand pic.twitter.com/SWJzDCjbve
— FIFAPlusCollect (@FIFAPlusCollect) September 22, 2022 
Can ALGO Sustain Its Gains?
In addition to important partnerships and development activities, the Algorand price seems to be positively reacting to a mainnet network upgrade. Implemented with AVM 7, this update is said to bring quantum security to the blockchain with an improvement over its smart contract functionality.
The announcement seems to have captured the attention of market participants. The Algorand price’s performance seems to be a translation of the upgrade and network activity.
At the time of writing, Algorand’s price is coming into heavy resistance at its current levels. In order to sustain the current bullish momentum, the cryptocurrency must break above 3 critical levels: $0.36, $0.43, and $0.51.

The current state of the crypto market might cap ALGO’s price upward trajectory. The market is reacting to macroeconomic force, but if Bitcoin and Ethereum can reclaim higher levels, Algorand might gather enough momentum for a breakout above resistance.


While large cryptocurrencies, such as Bitcoin and Ethereum, trade in the red, the Algorand price continues to see profits. Over the last day, this cryptocurrency has been one of the best-performing assets in the sector. Related Reading: Fed Interest Rates Hike Spur Crypto Market Liquidations Of M...

Algorand price	$0.384766
Low - High 24H	$0.382252 - $0.400127
Market cap	$2.67B
Volume 24H	$231.03M
All time high	$3.56 -89.17% June 20th 2019
All time low	$0.105336 266.05% March 13th 2020
Genesis date	N/A

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