NewsletterHow This Token Is Beating The Crypto Crash By 20%
The cryptocurrency market is falling due to bearish macroeconomic conditions. Bitcoin has fallen below the $19K mark and is currently trading at $18.7K. Ethereum went down by 6% in the last 24 hours and by more than 20% in the last 7 days. However, Algorand’s native token ALGO is beating the bearish sentiment of the market.
ALGO is currently up by more than 8% in the last 24 hours despite a major sell-off in the rest of the altcoin market. In the last 7 days, Algorand is up by over 20%. Algorand’s achievement is a result of achieving 6000 TPS on its blockchain, which outperforms Mastercard’s 5000 TPS.
The Federal Reserve decided to increase interest rates by an unusually large 75 basis points. Fed chair Jerome Powell promised that more quantitative tightening is appropriate. As a result, the crypto market is in a major rut.
Why Algorand Is Outperforming The Crypto Market?
Algorand is a proof-of-stake-based blockchain protocol. The team claims to achieve decentralization, security, and scalability without compromises. It also considers environmental sustainability as the protocol’s biggest selling point.
Yesterday, Algorand achieved one of its most important technical accomplishments. State Proofs became available on the Algorand blockchain. State proofs give the blockchain the ability to digitally sign any message in a truly decentralized manner. According to Silvio Micali, the co-founder of Algorand, state proofs allow his blockchain safety against quantum attacks. It also allows decentralized bridges with other blockchains.
More importantly, the protocol claims that its blockchain can now handle 6000 transactions per second. In contrast, popular financial services Mastercard is believed to be able to handle only 5000 transactions per second. The blockchain is also now able to reach finality and block formation in 3.7 seconds.
Algo’s State Proof Vs. Ethereum Merge
Algorand’s price surge during the crypto crash is in stark contrast with Ethereum’s slide after the merge. While Ethereum has fallen by 20% post-merge, Algorand’s technological achievements have resulted in a surge of over 20%.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Peter Brandt Predicts Bitcoin Crash to $58K as Crypto Market Sell-Off Deepens
- FOMC Minutes: ‘Many’ Fed Officials Oppose Further Rate Cuts This Year, Bitcoin Falls
- Breaking: Bitwise XRP ETF Set To Launch Tomorrow, Bloomberg Analyst Confirms
- Breaking: December Fed Rate Cut Odds Fall as BLS Cancels October Jobs Report
- Strategy’s S&P 500 Bid Still Alive Despite MSTR Plunge Below Bitcoin mNAV
- Is Binance Coin Price at Risk of a Breakdown After this Bearish Pattern Formation?
- Chainlink Price Poised for a 30% Surge After TAO Ventures Joins Rubicon Launch
- HBAR Price at Risk of a 30% Dive as ETF Inflows Dry, Open Interest Falls
- Dogecoin Price Eyes Recovery Above $0.20 as Whales Scoop Up 27.4 Billion DOGE.
- FUNToken Price Shows Bullish Accumulation in a Weak Market : Time to Invest?
- Why Are CRO, STRK & MYX Prices Up Today?
