Algorand’s (ALGO) blockchain added 6 million accounts to their network since 2022.
AlgoExplorer data shows that the number of Algorand accounts at the end of the year reached 17,373,299 while, at press time, this figure was 23,548,065. This 35% improvement is from the beginning of the year.
Algorand wins 6,000,000 Users
One reason for the enormous increase in interest in ALGO could be the network’s major technical improvement,This would enable Algorand-based products that run on other blockchains to work in low-power environments like smartwatches or mobile phones.
Accounts for lgorand Total. Source: AlgoExplorer
Algorand is also anticipating the construction of London Bridge. A trustless bridge connecting the platform to Ethereum will be built.
Paul Riegle (Chief Product Officer, Algorand), commented on the upgrade:
The power and composability of Algorand’s smart contract platform has transformed in recent months. The development of decentralized, flexible applications is transforming a variety industries. Algorand maintains its lead position in ongoing delivery and support of blockchain technology with this new upgrade.
It’s also worth noting that the Algorand Foundation hired a new CEO, none other than former JPMorgan executive Staci Warden, only a few days before the award announcement. Her previous roles at Nasdaq and the US Treasury Department as well as the Milken Institute give her a lot of expertise.
Grayscale Investments included Algorand in its asset list as it was one of the new 25 token entries for January 2022. ALGO was just one of many Layer 1 Blockchain coins to be added.
Algorand was already kicking off the year in a positive way, long before Grayscale’s announcement. Anthony Scaramucci, the founder of alternative investment firm SkyBridge Capital, lauded Algorand, projecting its future as “the Google” of blockchain technology.
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ALGO Prices
Algorand is showing a negative price analysis, as bears are attempting to take advantage of a temporary bullish price trend. Price levels have fallen to $0.730 due to strong bearish momentum.
Since the cryptocurrency market has been in decline, the bears have had some success. The price charts show that the latest advance in favour of bears is at $0.703. If the support is held, the next support level for the ALGO/USD Price Function will be at $0.703, and traders should expect the price rise.
Trades in ALGO/USD at $0.7 Source: TradingView
Algorand Price Analysis for 1-day and 4-hours shows that current trends are bearish. This has led to a reduction in the price. This is an extremely low price, especially when you consider the trading sessions before. However, it appears that $0.703 is a firm support level and there are very few chances for the price to fall below this.
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Featured Image from iStockPhoto. Charts from TradingView.com