Algorand Surges 15% in Last 24 Hours Despite Bearish Market

• Algorand has gained more than 20% in the previous week. 
• The Algorand blockchain now has State Proofs.

Due to negative macroeconomic circumstances, the crypto market is plummeting. The price of bitcoin has dropped below $20,000, and is now trading at $18.7K. Almost the last seven days, Ethereum’s value has dropped by over 20%, with a 24-hour decline of 6%. In spite of the market’s pessimism, demand for Algorand’s native token ALGO remains strong.

Despite a massive sell-off in the rest of the altcoin market, ALGO is now up by more than 15% in the previous 24 hours. Algorand has gained more than 20% in the previous week. 

In a historic move, the Federal Reserve raised interest rates by 75 basis points. To further tighten monetary policy, as promised by Fed Chair Jerome Powell, is warranted. 

More Transactions Than Mastercard

Algorand is a blockchain technology that relies on proof-of-stake. It is the team’s stated goal to simultaneously accomplish decentralization, security, and scalability. In addition, the protocol’s emphasis on environmental sustainability is highlighted.

One of Algorand’s greatest technological achievements occurred yesterday. The Algorand blockchain now has State Proofs. As a result of state proofs, the blockchain can digitally sign any message in a completely distributed way. Algorand co-founder Silvio Micali claims that their blockchain is secure even against quantum assaults thanks to state proofs. A decentralized link to another blockchain is also possible.

Importantly, the protocol claims that its blockchain can process 6000 transactions per second at this time. Mastercard, on the other hand, is widely used for financial services, however, it is said to be limited to just five thousand transactions per second. Additionally, finality and block generation on the blockchain may now be attained in 3.7 seconds.

According to CMC, the Algorand price today is $0.37243 USD with a 24-hour trading volume of $334,909,701 USD. Algorand is up 15.13% in the last 24 hours.

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