The crypto market has had a turbulent week. Since Monday September 19, many cryptocurrencies suffered massive losses.
A second downtrend was initiated by the Merge, which took place on September 15. CPI data led to the Feds raising the interest rates by 75 basis points. This sent asset prices downwards.
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However, these macroeconomic forces are pushing digital assets down. Others resist this pressure and instead move ahead.
Algorand ALGO, one such asset, has seen price movements of up to 24 hours. But BTC and ETH haven’t fared well. Bitcoin fell to $19K and lost control of it on September 20, 21. $18K.
BTC rose to $19K on September 22. This intraday peak was not maintained until press time. The BTC price has bounced back to $18,914, a loss of 1.91% in just 24 hours.
Algorand’s ALGO Not Affected By Macros
ALGO has positive price movements while many cryptocurrency bleed. The current price of ALGO is $0.3761 TradingViewAnd CoinMarketCapThe last week has seen a 2.8% increase in growth over 24 hours, and 27.98%.
The chart below shows that ALGO has shown no price changes. Since September 17th, the coin has been on an upward trend. In the space of a day, it jumped to $0.3109 from $0.2973.
ALGO had lost some gains and the market closed at $0.2925 on September 18. The coin rebounded a couple of hours later and closed the market on September 19 at $0.3172. ALGO continues its upward move since then.
Today, it is at $0.3767. ALGO has seen a price rise for three consecutive trading days.
Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. Also, the coin’s RSI (Relative Strength Index) is at 58.18, showing that ALGO is closing to the overbought region.
ALGO is on the Rise: Why?
The crypto market may be negative but there is still a lot happening within the ALGO community. The ecosystem’s total volume has increased significantly. DeFi Blockchain is receiving huge interest. This can be seen in the TVL of $244 million.
After a 4.09% increase in TVL, this figure represented its September 22 data. AlgoFi also contributed $100 million of this liquidity.
Algorand is not only growing TVL but has also made partnerships. The prominent one recently is the FIFA& Algorand partnership enabling the crypto network to FIFA+ Collect. It is the place where NFT items can be purchased of all types.
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FIFA+ Connect details reveal that this platform is similar to NBA Top Shot. The platform’s users will be able to purchase highlights and artwork from top soccer tournaments. This platform will go live before the World Cup begins in November.
Featured image taken from Pixabay. Chart from TradingView.com