The tremendous rise in ALGO, the crypto currency of the Algorand blockchain, which is one of the first layer blockchain solutions and rivals protocols such as Solana, Avalanche and Terra, continues despite the sharp decline in the market. Algorand, which recently made a deal for El Salvador’s blockchain infrastructure, has reached its highest price level since June 2019.
As Algorand continues its tremendous rise, it reminded of its days in June 2019 when it was launched. In El Salvador, where Bitcoin was accepted as legal money yesterday, Algorand, which was recently selected for the establishment of the country’s blockchain infrastructure, continues to rise despite the general decline in the market.
Having reached $1.90 on Binance exchange and $1.86 on Coinbase in the last 24 hours, ALGO has reached its highest level since its ATH in June 2019, when it was launched. The highest value of ALGO was $3.56, reached on June 20, 2019. According to data from CoinGecko, most of the trading volume in ALGO comes from Binance and Coinbase exchanges.
115% increase in a month, 60% increase in a week
Established by the Algorand Foundation team under the leadership of MIT professor Silvio Micali in 2019, Algorand was preferred for its secure and decentralized structure. In fact, if it were not for Bitcoin, which was withdrawn from $52K to $42K yesterday, and the $350 billion decrease in the market in general, Algo would perhaps be much higher than this price. As it will be remembered, last week, the government of El Salvador signed an agreement with Koibanx to build the country’s blockchain infrastructure on Algorand.
ALGO is also the only cryptocurrency among the top 15 smart contract platforms listed by Messari, which has earned its investors even in the last 24 hours. While the cryptocurrencies of platforms such as Polkadot, Solana, Ethereum and Cardano suffered double-digit losses in this time frame, ALGO continued its unstoppable rise.
Instant investor also came
According to Trade The Chain company, which conducted a sentiment analysis by examining data sources, there was a very serious increase in ALGO’s crypto sentiment rates in just 4 hours, attracting instant investor interest and the investment grew even more. ALGO, which has a market value of $9 billion, is trading at $1.75 at the time of writing.
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