On January 15th, the value of Algorand increased by over 20% within a day, reaching a significant resistance point of approximately $0.44.
Algorand (ALGO) experienced a significant surge, triggering a positive trend that boosted XRP (XRP) to reach highs of $3 for the first time in two years. This bullish flip also propelled Stellar (XLM) upward.
Among the top 100 cryptocurrencies based on market capitalization, Algorand experienced a 20% price surge and ranked as the second-highest gainer during that timeframe. However, Virtuals Protocol (VIRTUAL) outperformed it, maintaining an upward trend due to increasing attention towards AI agent-based technologies.
For Algorand bulls, the surge to $0.44 marks a return to levels last seen in mid-December.
In the last month, ALGO has encountered two instances of downward resistance at this particular area. However, the current bullish sentiment indicates that there might be more upward movement to come.
Positive reports suggest that the upcoming change in leadership at the U.S. Securities and Exchange Commission could lead to a shift in policy regarding cryptocurrencies, potentially ending enforcement actions against them. Notably, current SEC Chair Gary Gensler is set to leave his position on January 20th, and it’s rumored that the new leadership may halt legal action against cryptocurrencies unless fraud is involved. This optimistic news has contributed to recent gains in the crypto market.
Market reaction has seen most altcoins surge, with Algorand leading the likes of XRP, XLM and LDO.
Amid the rise in Algorand’s price, there’s been a surge of enthusiasm regarding ALGO staking and the potential benefits it offers to holders. On January 15, the Algorand Foundation announced their support for ALGO staking on the decentralized trading platform Tinyman that operates on the Algorand network.
2024 concluded with Algorand experiencing a strong upward trend, as the network saw a significant increase of 34.6% in its Total Value Locked (TVL) in real-world assets. The expansion of asset tokenization through Lofty was instrumental in driving this growth and boosting the TVL associated with Real-World Assets (RWA).
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2025-01-16 17:58