The Next Solana? Algorand Token Sees Highest Price in More Than 2 Years

ALGO, the native token of the layer 1 blockchain Algorand, logged its most exorbitant cost in over two years on Wednesday, resisting a more extensive crypto market sell-off.

The cost of ALGO tokens flooded 34% on Coinbase to almost $1.84 during U.S. trading hours on Wednesday, as per TradingView. That is ALGO’s most exorbitant cost since June 2019 when its mainnet was dispatched. The most recent returns are particularly huge thinking about that costs for bitcoin, alongside those for most other crypto assets, have fallen forcefully since Tuesday.

Algorand is additionally the solitary token that has logged positive returns among the main 15 smart-contract platforms by market capitalization, as per Messari’s smart-contract platform screen. Tokens of another famous layer 1 blockchains, for example, Ethereum, Cardano, Solana, and Polkadot have endured decays by as much as twofold digit rates in the beyond 24 hours.

Also Read: Bitcoin in Pullback Mode; Support Near $45K

Numerous on social media are considering Algorand the following Solana on the grounds that Solana has been getting headlines as of late and its token has hit new record-breaking highs.

Data from CoinGecko shows that ALGO’s trading volume in the course of recent hours for the most part comes from crypto trades Binance and Coinbase.

ALGO’s everyday sentiment additionally spiked in excess of 40 focuses in under four hours on crypto sentiment tracker site Trade The Chain, Nick Mancini, the site’s research expert, said on Twitter, flagging practically momentary trader interest in the asset. Trade The Chain ascertains a token’s sentiment by catching data sources around the web and contextualizing them to sentiment investigation.

The Next Solana? Algorand Token Sees Highest Price in More Than 2 Years Despite Market Sell-Off

Like numerous new industry top picks, for example, Solana and Terra, Algorand is a layer 1 blockchain project that is viewed as a contender to Ethereum. The blockchain, which was established by MIT professor and Turing Award winner Silvio Micali, utilizes a proof-of-stake (PoS) agreement instrument. It is sponsored by a few top funding firms including Multicoin Capital, Union Square Ventures, and Digital Asset Capital Management.

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