Algorand (ALGO), which has gained a total of 6.83% over the last 24 hours, is on a bullish spree today after flying as high as $0.1185. After posting a cumulative gain of 10.2% over the previous seven days, Algorand has been able to maintain its upward trend.
The proof-of-stake (PoS) protocol has been mainly able to sustain remarkable growth metrics across the board despite the significant volatility of Algorand at the moment due to the clear activities of market bulls. Overnight trading volume increased by 124.4%, reaching $88,851,349. Algorand has not performed as well as other PoS protocols with smart contract capabilities, but its attraction is still widely recognised.
Algorand has had several ups and downs so far this year, much like other high-growth protocols that are actively developed. While there has been consistent development effort, it has also been hampered by a wave of vulnerabilities that shook the protocol earlier in the year.
The Algorand team’s open handling of the issue appears to have given ALGO purchasers a whole new reason to embark on an accumulating binge. The token is aiming to retest its 30-day high of $0.123, according to the current view.
Riding DeFi wave
Algorand has its own ecosystem and community, both of which have been actively supporting ALGO’s growth over the past several years. However, a new catalyst for growth has been ushered in, with Algorand particularly following behind, since the majority of PoS protocols now create an Ethereum Virtual Machine (EVM) in order to acquire unrestricted accessibility amongst each other.
Despite the numerous diversions that have been noted, like as Charles Hoskinson’s offer to Algorand to join Cardano as a sidechain, the developers are still committed to advancing innovation steadily in order to spur development.
