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Algorand (ALGO) up 10%, Bull Sets New Target

Tue, 08/08/2023 - 16:30
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Godfrey Benjamin
Algorand (ALGO) on bullish rampage as it now joins altcoin uptrend
Algorand (ALGO) up 10%, Bull Sets New Target
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Algorand (ALGO) is on a bullish rampage today after soaring as high as $0.1185 upon gaining a total of 6.83% over the past 24 hours. Algorand has managed to sustain its growth trend in the trailing seven-day period after printing a total gain of 10.2%.

ALGO Price Chart: CoinMarketCap

Algorand (ALGO) Records 15% Growth Following Major DeFi Milestone

The volatility of Algorand is high at this time, but the obvious actions of market bulls have largely helped the proof-of-stake (PoS) protocol maintain impressive growth metrics across the board. The trading volume is up by 124.4% with a total of $88,851,349 traded overnight. While Algorand has been a low flier compared to other PoS protocols with smart contract capabilities, its appeal is still very much appreciated across the board.

Algorand has had a mix of ups and down thus far this year, similarly to other high-growth protocols, which involve active developer activity. While this developer activity has been steady, it has also been marred by a bout of exploits that rocked the protocol earlier in the year.

With transparent handling of the exploit by the Algorand team, ALGO buyers appear to have gained a whole new motivation to go on an accumulation spree. Per the current outlook, the token is looking to retest its 30-day high of $0.123.

Algorand Now on Cardano, Says Charles Hoskinson, As Layer 2 Solution Launches

Riding DeFi wave

Algorand has its own community and ecosystem, both of which have been very proactive in championing the growth strides of ALGO over the past years. However, with most PoS protocols now creating an Ethereum Virtual Machine (EVM) in order to gain unhindered accessibility between each other, a new trigger for growth has been ushered in, with Algorand notably tagging along.

Despite the many distractions that have been recorded, including the invitation from Cardano founder Charles Hoskinson asking Algorand to come become a sidechain of Cardano, the developers remain focused, driving innovation in a steady manner to drive growth.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.