Why did algorand’s price jump today? Some altcoins catch a bid in another boring session | marketrealtime.com


Chinnapong

Algorand (ALGO-USD) tokens drifted up 8.9% in Friday afternoon trading in what was otherwise another session of dull price action in the aftermath of the FTX debacle.

The global crypto market cap only gained 0.01% to about $832B at the time of writing, according to CoinMarketCap data. ALGO, in particular, changed hands at $0.29 at 4:37 p.m. ET, up 6.6% in the past five sessions, but down some 82% YTD.

ALGO is the native token of Algorand, a Proof-of-Stake blockchain that seeks to speed up transactions and lower fees, in a dynamic that many protocols have been developed to tackle amid bitcoin’s (BTC-USD) slower transaction times.

Other PoS-based cryptos: Cosomos (ATOM-USD) -0.5%, cardano (ADA-USD) +0.1%, polkadot (DOT-USD) -1% and solana (SOL-USD) -3.3%.

With the fallout of crypto exchange FTX triggering a domino effect within and outside of the digital asset ecosystem, bitcoin (BTC-USD), the world’s largest digital token, remained in a tight trading range as market participants stayed on the sidelines, slipping 0.3% to $16.63K.

See why Seeking Alpha contributor Mike Fay called bitcoin a buy.



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