- Algorand records a strong December price performance.
- ALGO investors express huge relief, hoping the worst has passed.
- A slew of fundamental developments support the price move.
A catastrophic year for Algorand culminated in ALGO sinking progressively lower to hit an all-time low of $0.0875 in September. However, a glimmer of hope emerged in December as ALGO recorded a strong start to December. A continuation of form erupted in a huge price spike to record a 42-week high on December 22, bringing welcome relief to beleaguered investors.
Algorand Rips Higher
Algorand’s December 22 price spike equated to a 90% gain from its opening month price. However, ALGO could not retain most of December 22’s gains, dipping to $0.2292 when writing, as profit-taking piled on the selling pressure.
Despite failing to retain the majority of today’s gains, Algorand investor “ALGOrichard.algo” posted a meme depicting a beat-up Rocky lifting the world champion belt, aptly capturing the spirit of the Algorand community.
Crypto enthusiast “Aj” expressed optimism about ALGO’s recent revival, stating, “We’re just getting started.” Aj’s technical analysis identified the $0.28 level as critical for flipping resistance into support to springboard the token onto a sustained recovery
Sponsored
Backing a sustained Algorand resurgence is a slew of fundamental developments occurring in the background.
Fundamentals Matter
Buoying the Algorand resurgence are meaningful upgrades cementing its status as a leading blockchain. This week, Algorand unveiled AlgoKit 1.8.2, a major upgrade bolstering dev tools like Python template support to accelerate building applications. The update also introduces a debug adapter allowing fine-grained inspection of transaction execution.
Sponsored
In addition, an exclusive partnership with Lofty sees a tokenized real estate market introduced. For the first time, users can instantly trade property tokens against USDC using market orders as efficiently as they do crypto and stocks. This innovation essentially combines DeFi-earning opportunities with real-world property.
On the Flipside
- The Securities Exchange Commission called Algorand a security in its April complaint against Bittrex.
- The unknown cause of the MyAlgo Wallet hack damaged Algorand’s reputation, even though MyAlgo is a third-party app.
Why This Matters
Algorand’s breakout signals renewed faith in its vision to build a borderless, efficient, and secure blockchain. Despite its challenges this year, Algorand supporters remain hopeful that the project’s darkest days are behind it.
Read about Hoskinson’s offer to Algorand sparking heated debate here:
Cardano Founder’s Algorand Sidechain Offer Makes Rounds on Reddit
Find out more on Arthur Hayes’s decision to ditch Solana for Ethereum here:
Hayes Ditches Solana for Ethereum, Citing $5K “Prophecy”
