Algorand Registers Significant Gains Amid Crypto Winter


The cryptocurrency market is currently going through another round of bearish movement except for a few coins like Algorand. Cryptocurrency prices drop dramatically as macroeconomic factors determine the speed. With the downtrend, the underlying crypto-asset broke from crucial support levels.

Following the Federal Open Market Committee meeting on Wednesday, September 21, the US Federal Reserve decided to compromise its approach to controlling rising inflation. Its decision raised interest rates by 75 basis points.

With the increase in prices, the price of crypto assets in the cryptocurrency market is depleting. As a result, the bears are gradually taking over as the price crash expands. However, Algorand’s original coin has distinguished itself from the mainstream as it overcame the price crash.

Algorand refutes bearish sentiment

While other assets are under selling pressure due to the downside, ALGO showed more positive strength. ALGO price is trading at $0.3816 at the time of writing. This indicates significant gains.

Surprisingly, ALGO has increased more than 20% over the past seven days. This remarkable achievement came from Algorand with its blockchain performance that has scored up to 6000 TPS. The value exceeds that of the MasterCard, which includes 5,000 TPS.

Other tokens in the market lag behind Algorand’s outstanding performance. BTC was also tanked but managed to preserve it. Ethereum fell further but is now trending sideways. Post-merger performance is well below expectations. ETH is down more than 20% after moving to PoS. At the time of writing, Ether is trading at around $1,323.

A comparison of Algorand’s price increase and the performance of the Ethereum pot merger gives a sharp contrast. While ALGO gained 20%, ETH fell 20% after the merger.

ALGO HIGH PERFORMANCE REASONS

Algorand was developed as a blockchain protocol with a Proof of Stake consensus mechanism. The project team is proud that the protocol is free of triple issues, making Algorand achieve decentralization, scalability, and security with ease. Moreover, it showcases its main strength as environmental sustainability.

Speed ​​was a more selling point for the Algorand. It claimed that the network can perform up to 6000 TPS. This record surpasses the functionality of MasterCard, which handles about 5,000 TPS. With its speed, the Algorand blockchain takes just 3.7 seconds to reach the finish and produce the block.

    Algorand records big gains during crypto winter
Sideways Algorand Trends After Overgrowth l ALGOUSDT on Tradingview.com

The protocol added another technical success to its cryptographic stance. The Algorand blockchain has included State Proofs on its platform. This add-on will enable Algorand to digitally sign messages in a more decentralized approach.

In response to the new move, Algorand co-founder Silvio Micali stated the importance of having formal proofs. He noted that it will enhance the security of the blockchain against quantum attacks. Micale also acknowledged that the guarantees provide decentralized bridges with other chains.

Featured image from Pixabay, charts TradingView.com



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