The Layer 1 blockchain Algorand (ALGO) saw a sharp gain of 32% last week when everything else looked soft after the Fed announced its .75% rate hike. Why the sudden interest in ALGO, a cryptocurrency that doesn’t get a lot of news coverage?
First, ALGO looks cheap right now after falling from its 2021 high of $2.82. With a recent price, before last week’s gain, of $.29 ALGO closed the week ending September 23, 2022, at $.39. Coinbase ranks ALGO, which has a 5.75% yield, at # 23 in popularity. Trading activity in ALGO last week was 93% buying.
Thanks to its partnership with leading soccer federation FIFA, Algorand is enjoying increased interest in the lead-up to the World Cup in November. In May, FIFA announced Algorand would become the organization’s official blockchain platform.
In other ALGO news was the announcement Wednesday that it had hired Michele Quintaglie as its new Chief Marketing Officer. Quintaglie has experience, including positions as Head of Communications at both Visa and Fidelity, as well as Head of Global Media Relations and Public Affairs at Raytheon Technologies.
In addition to the above-mentioned development activities, the Algorand price may be reacting to a mainnet network upgrade. Implemented with the Algorand Virtual Machine 7, this update is said to bring quantum security to the blockchain with an improvement over its smart contract functionality.
ALGO is an institutional grade blockchain infrastructure offering fast transaction speeds (6,000 transactions per second), decentralization, and scalability. As a PPOS blockchain, Algorand is more energy efficient than the others and is the blockchain of choice for more than 2,000 global organizations.
In recent ALGO news Silvio Macali Tweeted this: State Proofs are now live! This technology enables the construction of decentralized bridges, allows nodes to join our consensus process without having to trust any “initializing” information, and makes @Algorand
quantum-safe, all while prioritizing decentralization. GO ALGORAND! See tweet here
We will be back with a tiny float NASDAQ trading at 1/3 book value. Report coming Monday 9-26-22 at or near market open. Details Here
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