• Algorand (ALGO) saw a 6% rally to a two-month high over the last week.
• ALGO is touted as an effective proof-of-stake (PoS) blockchain, with numerous initiatives for retail clients and traditional institutional circles.
• The anticipation of the forthcoming FIFA World Cup and its network’s most recent upgrade have been major factors in the coin’s recent strong performance.
Algorand Price Analysis
Algorand (ALGO) witnessed a 6% surge to a two-month high, trading at $0.2688 at press time. If certain market conditions are met, ALGO could rally by up to 25%. The scalable blockchain token has seen increased DeFi TVL during the past week, which seems to be changing the narrative surrounding it for the better.
Algorand Initiatives
The Algorand Foundation has been focusing on developing blockchain applications that have the potential to influence society and change the world as a whole. It supports decentralized finance projects such as decentralized lending and trading, stablecoins, and other cryptocurrencies. Its open source ecosystem, decentralized governance, and sound monetary supply economics are helping realize its worldwide potential in technology.
Impact of FIFA World Cup
The anticipation of the upcoming FIFA World Cup has been one of the major factors driving up ALGO’s price recently due to its status as one of its sponsors for this event. It will start from 20th November and go on till 18th December 2021.
Network Upgrade
Apart from this sponsorship deal, ALGO’s winning run can also be attributed its network’s most recent upgrade which enhanced speed among other things significantly . However , due to market sentiment taking over all positive developments , increase in coin values seem to have slowed down .
Conclusion
With increasing DeFi TVLs on Algorand’s platform along with multiple initiatives both for retail clients and traditional institutional circles being taken by Algorand foundation , Algo appears well positioned to take advantage of these bullish crypto markets . Furthermore , with FIFA world cup sponsorship deal in place along with necessary upgrades being done on their system ; it could potentially see another significant rally if certain market conditions are met .