Cryptocurrencies remain on pause ahead of the Fed’s decision tomorrow. Bitcoin consolidates around $19,300, Ethereum holds around $1,350 per token. However, the price of the cryptocurrency Algorand, which is one of the sponsors of the upcoming global, has been rising over the past few days, bloody for cryptocurrency valuations:
- Algorand is a cryptocurrency that became a beneficiary of part of the $600 million in funding created by the Temasek and BlackRock funds. He is also a partner in the fintech company Circle, which creates the USDC stablecoin. Circle has also been backed by BlackRock on several occasions.
- Algorand was part of a small group of cryptocurrencies that were members of a digital asset fund, the construction of which was also initiated by BlackRock. All of this, along with the latest partnerships from BlackRock, Coinbase, and Kraken, creates a web of cryptocurrency ties with the world’s largest investment fund, of which Algorand is a part.
- Algorand benefits from decarbonization contributions and grants to support tree planting to benefit from institutions’ efforts to implement ESG.
- Last week, the network underwent an upgrade that makes it capable of processing 6,000 transactions per second at a fee of 1/100th of the value of the cryptocurrency (around $0.033).
- The cryptocurrency is one of the main sponsors of the FIFA World Cup in Qatar, as part of which it has created a unique NFT collection. The collection is gaining popularity for the most popular sports game among gamers, FIFA 23. Algorand’s award has gained momentum in the wake of NFT’s surge in popularity.
- Algorand is one of the few cryptocurrencies fully compatible with the new ISO20022 interbank settlement standard. Other projects include IOTA, Ripple, and Stellar, among others. Banks have until the end of November to test solutions related to the new ISO, which could result in the growing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, originally planned for 2022 as the pandemic has prolonged the transition process.
- The main objective of Algorand is to ensure the integration of financial assets in the blockchain and tokenization industry, which, if effectively implemented (migration of thousands of projects and companies in the blockchain industry), has been described by Blockworks analysts as an $18 trillion market. The project currently works with over 500 institutions worldwide.
- Staci Warden, who has gained experience at the US Treasury Department and NASDAQ, among others, has become the new CEO of the Algorand Foundation. She was also a director at JP Morgan for eight years.
- Algorand has in the past reported “intellectual collaborations” with the Massachusetts Instutite of Technology and UC Berkeley. Based on the above, it can be concluded that Wall Street can view the project favorably.
Algorand H4 interval. The price rose almost 30% over several days and broke above the 200-session average at $0.30. For several days, Algorand has remained above the SMA200, which still sets the main trend. However, the RSI indicates levels close to overbought, which in the past signaled an impending correction. Source: xStation5
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FIFA’s new NFT boosts Algorand’s rise
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