The price of the ALGO cryptocurrency of the Algorand project has more than tripled since the beginning of the year. Today it surpassed $ 2 for the first time, with a market cap of $ 11 billion.
Algorand blockchain cryptocurrency rose to $ 2.23 today. This is the all-time high for ALGO in more than two years since the launch of the blockchain.
According to CoinMarketCap, the price of ALGO has increased by 93% over the week, from $ 1.15 to $ 2.23 today. At the same time, almost all the largest cryptocurrencies, with the exception of Solana, are still in the “red zone” for 7 days, showing an average drop of 8 to 20%.
Source: TradingView
According to Messari data, ALGO was the only crypto asset yesterday to perform positively among the top 15 smart contract platforms by market cap.
Huge news for $ SOMETHING today.
Sentiment is OFF THE CHARTS!https://t.co/qGMjPD14vL pic.twitter.com/nymBV2mJv1
— Nick_Mancini (@nickcini) September 3, 2021
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users on social networks are called
Algorand is the next Solana. Recently, the SOL price began to rise rapidly, and today exceeded $ 200. At the beginning of the week, the capitalization of the cryptoasset exceeded $ 50 billion, and is now close to $ 60 billion. According to CoinGecko, the bulk of ALGO trading over the past 24 hours took place on the Binance and Coinbase exchanges. Like many of the recent industry favorites such as Solana and Terra, Algorand is a tier 1 smart contract blockchain that is considered a competitor to Ethereum.
Recall that in 2018, the developers of the Algorand protocol raised $ 4 million in initial investment. Funding was supported by venture capital firms Pillar and Union Square Ventures. The protocol was co-authored by MIT professor and Turing award winner Silvio Micali. The Proof-of-stake system was presented at the Financial Cryptography and Data Security conference in Malta in 2017.
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