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How are the cryptocurrencies Algorand (ALGO), Dogecoin (DOGE) and Cronos (CRO) performing within the crypto market? Below we see an overview of their prices and the latest news involving them.
Summary
Algorand: 250% growth in users
In the last six months, interest in Algorand’s level 1 blockchain has grown significantly, with a 250% increase in network users.
Despite the competition from platforms like Solana and Avalanche, the Algorand network continues to stand out as one of the fastest, with low fees and almost instant transactions.
Although Algorand initially struggled to gain ground, on-chain data offers an encouraging perspective for investors.
According to the data from Algonode, an Algorand validator, the number of daily active users has increased by 250%, highlighting an increase in interaction with the network.
A more in-depth review of on-chain data also reveals an increase in transactions on the Algorand network. In just the last month, users have completed over 5.6 million transfers involving the native Algorand token (ALGO).
Despite the recent peak in user activity, the price of Algorand, after a significant recovery from a low of about $0.089 last September to $0.24 in the early days of 2024, is currently around $0.18.
Investors hope that this growth in user activity can catalyze a positive movement. Some analysts put forward optimistic projections, predicting that Algorand could rise up to $7.5 in the next bullish market of cryptocurrencies.
The price of the Dogecoin crypto compared to Algorand and Cronos
The Dogecoin crypto has seen a recovery after last week’s recent decline, highlighted by an increase in trading volume that has surpassed the billion-dollar mark.
This bounce was mainly driven by the actions of large holders known as “whales”.
Whale actions fuel the increase in DOGE activity. According to IntoTheBlock, the number of large transactions has seen a significant rise.
In the last 24 hours, there have been 1,112 transactions of this type, indicating a peak of activity among the main actors of the DOGE ecosystem.
The trend of large transactions has further intensified in the last seven days, reaching a peak of 1,380 transactions and a minimum of 959.
The volume associated with these transactions is equally remarkable, with a peak of 12.63 billion DOGE (approximately 1.09 billion dollars) recorded in the last 24 hours.
During the peak of seven days, the volume further increased, reaching 16.2 billion DOGE (about 1.4 billion dollars).
Even during the seven-day minimum, the volume remained significant, reaching 8.8 billion DOGE (approximately 759 million dollars).
The importance of these large transactions goes beyond the overall volume of DOGE trades, also serving as indicators of market sentiment and investor confidence.
Currently, DOGE is trading at around $0.08627, marking a 3.05% increase in the last 24 hours, with a market capitalization of 12 billion dollars.
This recent growth of Dogecoin follows the rise of Bitcoin, the world’s largest cryptocurrency, which has been attributed to increased adoption by Bitcoin Exchange Traded Funds (ETFs).
Crypto.com launches Prime: all the benefits for Cronos
Crypto.com recently launched its innovative program, Prime, designed for high net worth traders.
This new program offers several advantages, including a non-guaranteed deposit bonus of 1%, but requires a minimum deposit of 1 million dollars.
The native crypto of Crypto.com, Cronos (CRO), has recently recorded a +10% increase, although it is still far from the levels of early December 2023.
The goal of Crypto.com Prime is to recognize and reward high net worth traders, helping to build lasting wealth for future generations.
Just one week after the launch of Crypto.com Prime, investor enthusiasm is evident in the cryptocurrency market.
In particular, Cronos (CRO) has experienced a +10% increase, currently worth about $0.09.
Despite the recent pump, the crypto has recorded a decrease in volumes of -30% in the last few weeks.
Furthermore, among the latest news from Crypto.com, it is worth mentioning the obtaining of a new license that allows the exchange to operate directly in Dubai as a provider of virtual asset services (VASP).
This license represents a significant step forward for Crypto.com, allowing it to expand without having to rely solely on US regulation in the cryptocurrency sector.
In November 2023, after a similar announcement, Cronos (CRO) had recorded a price increase, reaching a peak of $0.12, but subsequently dropped to $0.08.