While most of the cryptocurrency market suffers through a correction, one altcoin is surging 86% this week.
Algorand (ALGO), a blockchain for decentralized finance (DeFi) applications, was trading around $1.51 before this week and dropped like the rest of the crypto market to $1.20 by the middle of Tuesday.
However, since hitting that price point, the 17th-ranked asset by market cap shot up by more than 100% to a weekly high of $2.41 on Thursday. ALGO has since stabilized to at $2.13 at time of writing, according to CoinGecko.
The exact catalyst driving ALGO’s upswing remains unclear. The crypto project announced the release of the next version of its asset management platform on Thursday, though most of its price surge preceded that news.
One possible factor could be SkyBridge Capital founder Anthony Scaramucci giving Algorand a shoutout Tuesday on CNBC, saying it was one of the crypto assets likely to grow because of its utility.
The former Trump Administration official explains,
“There’s a lot of great stuff happening in this space… as more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there’s actually great use cases for them.”
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Featured Image: Shutterstock/Pavel Chagochkin