The Algorand price popped on Tuesday as investors cheered the ongoing user adoption of the network. The ALGO price also rallied as other Ethereum-killers continued doing well in the market. The coin is up by more than 10% and is trading at $1.172, which is significantly above last week’s low of $0.9717. It has a market capitalization of more than $3.8 billion and is the 39th biggest coin in the world.
Ethereum is a leading blockchain project that helps developers build decentralized games, non-fungible tokens (NFTs), and other financial platforms. Today, most of the biggest decentralized platforms and autonomous organizations are built using Ethereum’s infrastructure. Examples of these platforms are Curve Finance, Aave, Maker, and Compound.
In the past few years, developers have been busy at work building alternatives to Ethereum. Besides, Ethereum’s network is known for being slow, buggy, and expensive. Therefore, they have been building platforms that have an emphasis on speed, interoperability, reliability, scalable, and relatively cheaper. Many of these Ethereum-killers have succeeded. They include Binance Chain, Solana, Polkadot, Avalanche, and Algorand.
Algorand is a platform that has been used by many developers to build apps. As a result, the number of users has risen to more than 13 million while standard assets have risen to more than 4.5 billion. Some of the most popular Algorand-made products are Circle, IDEX, Republic, Tether, and Yieldly, among others.
Recently, most Ethereum-killers have been on a strong bullish trend. For example, Solana has jumped to become the eighth biggest cryptocurrency in the world. Similarly, Avalanche has become the 23rd biggest coin in the world. Now, with Algorand’s ecosystem expanding, there is a possibility that its demand will keep rising in the near term.
Algorand price prediction
The four-hour chart shows that the Algorand price has been in a major upward trend. The coin is trading at $1.1130, which is slightly above the key support at $0.9717. The price has moved slightly above the 23.6% Fibonacci retracement level. It has also moved above the 25-day and 15-day exponential moving averages.
Therefore, the Algorand price will likely maintain the bullish trend as investors target the YTD high of $1.2415. However, a drop below $1.0260 will invalidate this view.