Key Takeaways
- Algorand price doubles in the past few days
- Developers view Algorand as an alternative to Ethereum
- Algorand has achieved high profile agreements in recent months
Algorand is currently up by about 78% in the past week according to data from CoinMarketCap and its price went as high as $2.42 per token.
This is remarkable given that just 2 days ago the price of ALGO hovered at around $1.20.
This means that anyone that bought ALGO on September 6 is up by 100% on their initial capital.
Algorand is one of the mainstays of the blockchain industry and has been around since 2017.
It was one of the first blockchain projects to be tagged ‘’Ethereum Killer’’ due to its fast and highly scalable permission less blockchain protocol.
Algorand uses the proof-of-stake protocol that is less energy-consuming than the proof-of-work used by bitcoin and Ethereum.
Developers have started to engage in its protocol as an alternative to build DeFi platforms due to its low fees and fast confirmation times.
However, it has been surpassed by newer blockchain protocols like Solana, Binance Smart Chain and Polkadot in recent months.
Its current price is also some way off from its all-time high price of $3.23 achieved in June 2019.
Nevertheless, the Algorand community continues to grow and the blockchain has achieved some significant milestones.
In 2020, Stablecoin issuer Circle announced the deployment of the USDC protocol on Algorand.
This meant that anyone could successfully send USDC on Algorand and leverage low transaction fees.
Algorand also recently announced an agreement with El Salvador to build a blockchain infrastructure for the government.
This latest bull run could lead the altcoin to hit its 2019, all-time levels before the end of the year. It will be interesting to see how ALGO performs in the coming weeks.
