newsbtc.com
Algorand (ALGO) is breaking ground with an over 5% price increase in 24 hours. ALGO has claimed the second position among top-gaining coins today after Ripple’s XRP. Today’s rally comes after a 6.8% price gain recorded yesterday, March 21.
With the current performance, Algorand (ALGO) has reclaimed most of its past week’s losses with a 6.87% 7-day price gain. ALGO’s impressive performance on the daily chart could be due to the hype around ongoing network developments.
ALGO Token Price Surges Amid Rising Interest In Algorand Network
According to details on the Algorand developer portal, AlgoKit allows developers to perform fast point-of-sale transactions with step-by-step support as they move through their Web3 building journey. This upcoming technology could drive more traction to the Algorand network, pushing the ALGO price upward.
Related Reading: Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US
Besides this development, Algorand also launched a developer video series to assist developers in building on the ecosystem. In the video, Algorand’s CTO, John Alan Woods, explained why Algorand foundation is the best blockchain for builders while explaining their developer-friendly tools. It could be another factor supporting more exposure to ALGO after the recent exploit on its MyAlgo Wallet.
The Fear and Greed Index today also indicates greed in the crypto market as investors are bullish about crypto assets. This index suggests that many people are currently buying cryptocurrencies.
ALGO Surges In Trading Volume As Price Increase
Meanwhile, ALGO has recorded a massive rise in trading volume over the past 24 hours. CoinMarketCap data shows the token’s 24-hour trading volume has increased 138.42% at press time. This data confirms the assumption that more activities are ongoing on the Algorand network since trading volumes often reflect increased transactions.
On-chain data shows that ALGO trading volume saw a sharp spike from $68.26 million on March 21 to $155.64 million today, March 22.
Furthermore, ALGO’s Total Value Locked (TVL) has increased by 9.87% from $144.26 million on March 21 to $158.49 million today, according to data from DeFi Llama.
TVL represents the number of staking deposits by liquidity providers on protocols. It is a metric used to measure a protocol’s overall health. Therefore, the fact that ALGO’s TVL has increased further indicates a bullish sentiment for the token.
ALGO Performance Outlook; What’s Next For Crypto Prices?
At press time, ALGO is at $0.2373 with a 24-hour trading volume of $136,111,201. The token price has increased by 5.04% over the past 24 hours and 6.77% in the last week. Despite meeting some pullbacks, ALGO witnessed an impressive rally this year.
After closing 2022 at $0.1728, ALGO’s price started rising on January 1, with momentum gearing up to $0.2. The token hit $0.2 on January 9 and continued rising till it reached nearly $0.3 on February 20 before meeting some resistance.
ALGO’s current price reflects its bullish actions since the start of January. The token is 131.46% higher than its all-time low of $0.1024, recorded on March 13, 2020.
Algorand’s (ALGO) recent price action comes after several days of downturns in anticipation of February CPI data. However, before the CPI data release, three top banks in the United States collapsed, sending shock waves across the banking industry. This issue somehow improved crypto sentiment as more investors sought investment alternatives for their funds while bank stocks plummeted.
The market sentiment appears to be improving, but economists and analysts dread the fate of cryptocurrencies once the Federal Reserve releases the interest rates base point (bps).