Algorand [ALGO] Price Hits New Lows: What’s Next?
• ALGO, the native cryptocurrency of Algorand blockchain, has seen its price decline by 18% over the past week.
• Recently, the total locked value (TVL) of Algorand ecosystem has been increasing rapidly.
• Algorand is differentiating between „blockchain“ and „crypto“ as it focuses on developing blockchain applications with potential to influence society and change the world.
ALGO Price Decline
ALGO is the native cryptocurrency of the Algorand blockchain, a proof-of-stake blockchain that deals with smart contracts. The crypto’s price has fallen by 18% over the past week alone, with the altcoin valued at $0.18 at press time. In fact, the crypto breached its last support level at $0.19 on the charts, a breach which means it could fall as low as $0.16. Over two weeks ago, ALGO’s price was barely below $0.3 but then, things took a turn for the worse due to Silvergate crisis and bearish market reaction to it.
Appointment of CFO
Algorand’s performance as a project has engaged its first Chief Financial Officer (CFO) Mathew Commons, who was hired for the new position at a time when Alogrand ecosystem is expanding quickly. Since beginning of this year till end of 2022 total locked value (TVL) increased to $75 million despite recent decline in ALGO’s value..
Difference Between Blockchain & Crypto
Algorand oddly distinguishes between „blockchain“ and „crypto.“ According to temporary CEO Sean Ford Sean,“Those are two very distinct things“.The focus is on developing blockchain applications that have potential to influence society and change world as whole compared with Ethereum which also employ proof-of-stake ,smart contracts and infrastructure to support creation of other blockchain based applications but use various staking and rewarding strategies .
Focus On DeFi
Many projects supported by Algorand blockchain are focused on decentralized finance such as decentralized lending ,trade ,stablecoins etc .
Algornd not only marks its presence in traditional institutional circles but also made numerous initiatives for retail clients .The narrative around chain appears to be changing for better based on increase in DeFi TVL during past week .