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Algorand pulls a parabolic move with recent 660% gain

Updated: Jul 25, 2024
Published: Aug 15, 2020
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Algorand

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Algorand dubs itself as the “first Pure Proof-of-Stake blockchain”. They also claim to have solved the blockchain trilemma, which consists of: decentralisation, scalability and security. Over $120 million were raised in 2019 to fund this project via dutch auctions.

ALGO’s Price Action

Since the dutch auctions, ALGO (native asset of the Algorand blockchain) was subject to the overall market’s bearish movement which pushed it’s price down from over $2 to under $0.50. Black Thursday caused it to reach a low of just under $0.10 from which it has risen parabolically.

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From a mere $0.10 price point, ALGO was able to now peak (yesterday) at $0.76 in almost 5 months. This move delivered 660%+ which even for the wild crypto-market is a spectacular return.

Trading Volumes

ALGO has long been part of the top 100 crypto-assets by market capitalisation. However, its trading volumes ranged in the $100 million range (according to CMC) which is decent but not spectacular. These have dropped as low as $17 million per day at the start of July. On August 14th, the 24 hour trading volume for ALGO across all exchanges surpassed the $0.5 billion mark. Yet another record to go down in the history of ALGO.

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