The Algorand blockchain (ALGO) has added over 6 million new accounts to its network since the start of 2022.
According to AlgoExplorer data, the total number of accounts on Algorand at the start of the year was 17,373,299, while at press time (as of March 10, 2022) that number was 23,548,065. This represents a gain of 35% compared to the beginning of the year.
Algorand gains 6 million users
One of the reasons for the huge increase in interest in ALGO could be the main technical improvement, which would allow Algorand-based products to run on other blockchains and in low-power settings like mobile phones and smartwatches.
Algorand total accounts. Source: AlgoExplorer
Algorand also plans the development of London Bridge, a trustless bridge that will connect the platform to Ethereum (ETH).
Commenting on the upgrade, Paul Riegle, Product Manager at Algorand said:
The power and composability of Algorand’s smart contract platform has transformed in recent months. Developers are creating versatile decentralized applications that have and will continue to disrupt a wide variety of industries. With this latest update, Algorand maintains its leadership position in the continuous delivery of highly sophisticated blockchain technology.
It should also be noted that the Algorand Foundation hired a new CEO, none other than former JPMorgan executive Staci Warden, just days before the award was announced. She brings a wealth of experience from her previous positions at Nasdaq, the US Treasury Department and the Milken Institute.
Grayscale Investments added Algorand to its list of assets under consideration as one of 25 new token entries in January 2022. ALGO was one of many layer 1 blockchain coins that were added to the list.
Notably, Algorand had already started the year on a high, even before Grayscale’s announcement. Anthony Scaramucci, the founder of alternative investment firm SkyBridge Capital, praised Algorand, projecting its future as the “Google” of blockchain technology.
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Algorand’s price analysis is negative for the day as the bears created a way to fight back after a brief bullish price action. The bearish momentum was strong enough to reduce price levels to $0.730.
The bears have had a lot of success over the past few hours as the drop is massive and has had a negative impact on the total cryptocurrency value. However, as seen in the price charts, the most recent advance is in favor of the bears. The next support for the ALGO/USD price function is at $0.703, where traders can expect price to rise if support holds.
ALGO/USD trades at $0.7. Source: TradingView
Algorand’s 1-day and 4-hour price analysis reveals that the current trend has been bearish, which has led to price reduction. The price dropped to $0.730, which is a very low value compared to the previous trading session. However, the support level around $0.703 seems to be firm and there is little chance that the price will fall below.
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Featured image from iStockPhoto, Charts from TradingView.com