Connect with us

algo

Algorand [ALGO] registers an increase in TVL, but concerns still remain

Published

on

Algorand [ALGO] registers an increase in TVL, but concerns still remain

  • Algorand’s TVL increased by 137% in the last seven days.
  • Market indicators and a few metrics looked bearish.

Algorand [ALGO] flashed in the headlines because of its latest achievement. DeFiLlama revealed that Algorand’s total value locked (TVL) registered a massive increase by growing over 137%. With this new development, Algorand was back within 18% of its previous all-time high.

Algorand’s TVL has grown by 137% over the past 7 days, it is now within 18% of the previous all-time high pic.twitter.com/MrSJVFF9FS

— DefiLlama.com (@DefiLlama) January 15, 2023

Not only did the TVL increase, but as per AlgoExplorer, Algorand’s total addresses also went up in the last seven days. This too was an optimistic update, as it indicated a higher number of users in the network.

Furthermore, FLUX, one of the largest web3 decentralized computing networks, announced that its parallel asset to be deployed on its interchain operable platform will be Algorand. 

We are pleased to announce the next $Flux parallel asset to be deployed on our interchain operable platform will be……@Algorand! Snapshot distribution will be in Q1, LFG!! #web3 #blockchain $Algo pic.twitter.com/q9JnYfHUjo

— Flux-Web3 Cloud (@RunOnFlux) January 15, 2023

Advertisement

Read Algorand’s [ALGO] Price Prediction 2023-24


Is trouble around the corner?

ALGO’s performance on the price front was also optimistic over the last week, as its chart was painted green. According to CoinMarketCap, ALGO’s price registered over 12% weekly gains, and at the time of writing, it was trading at $0.2323 with a market capitalization of more than $1.6 billion.

However, the good days might come to an end, as few market indicators were bearish for ALGO. The Relative Strength Index (RSI) registered a downtick while it was in the overbought zone, which was a bearish signal. The Chaikin Money Flow (CMF) and On Balance Volume (OBV) also went down slightly, further increasing the chances of a trend reversal.

Source: TradingView


Realistic or not, here’s ALGO’s market cap in BTC’s terms

Advertisement

Here is what metrics suggest

Interestingly, ALGO’s popularity went down over the last week as its social dominance decreased. While popularity declined, negative sentiments toward ALGO increased, which was concerning because it indicated a lack of trust from the community in ALGO.

Despite the negatives, a few of the metrics were also in favor of ALGO, providing much-needed hope for a continued surge. For instance, ALGO was in demand in the derivatives market as its Binance funding rate remained consistently high. The development activity also increased in the last week, which is a positive signal for a network. 

Source: Santiment

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Advertisement

algo

Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?

Published

on

Algorand TVL Hits $177 Million As Altcoin Rally Continues – Can ALGO Sustain This Push?

Algorand is one of the fastest growing crypto in terms of gains. According to CoinGecko, the token has appreciated by 30% in the last two weeks. With the broader crypto market rallying as Bitcoin breaks its crucial $21,000 resistance, ALGO is set to gain more in the next few days. 

The Total Value Locked department is where the ecosystem gained the most. According to DeFiLlama, Algorand’s TVL yesterday hit $177 million in value. This uptick in TVL is a bullish indicator that the ecosystem still has the momentum to reach new milestones. 

However, the token might be on shaky ground as the bears test its current support at $0.2275. 

Advertisement

Image: Forkast

Algorand Developments On-Chain

Algorand’s G6 governance commitment period ended yesterday, January 16. According to Algorand blockchain explorer, AlgoExplorer, more than 4.1 billion ALGO is staked by over 31,763 governors. 

Image: DeFiLlama

The ecosystem would pay back the governors with an annual return rate of 6.52%. This way of governance makes the Algorand ecosystem stay true to the tenets of decentralized finance. To add to this bullishness, the ecosystem also processed its 1 billionth transaction. 

With the ecosystem able to handle more than 2,881 swaps on-chain, Algorand is expected to continue growing in popularity.

Did you know Algorand can handle over 10x the number of AMM swaps per second relative to #solana #Avalanche #polygon #bsc #celo #ethereum? $sol $matic $algo $bsc $eth 👇 pic.twitter.com/7hBmduanfM

— Axetrax (@Axetrax22) January 14, 2023

Advertisement

Can ALGO Continue Its Climb? 

The token is currently trading at $0.2329, a nearly 1% decrease from yesterday’s $0.2341 price. The rejection at $0.2418 would delay ALGO’s recovery. With the token’s support at $0.2365 broken, ALGO investors should be able to buy the current dip in price as analysts are still bullish with the token’s price movement. 

With improving macro trends, investors and traders are more likely to enter riskier assets like cryptocurrencies. Not to mention that Bitcoin, the face of the crypto market, has broken through crucial resistance at $21k. With ALGO’s high correlation to BTC, ALGO can ride Bitcoin’s rally to reach higher highs. 

Investors and traders should watch the current market situation of ALGO as the token’s current price position as the ecosystem has been having trouble maintaining a social presence. 

ALGO total market cap at $1.6 billion on the daily chart | Chart: TradingView.com

ALGO holders should also watch Bitcoin’s price rise in the next few days or weeks. The $21k resistance break wiped out the lost ground following the collapse of FTX. If BTC continues its bullish recovery in the next few weeks or days, ALGO can ride the upward wave. 

Advertisement

But with the token facing a slight correction, this bullish break might be delayed as the bears retest the current support at $0.2275. If the bears win the struggle, the token’s recovery will inevitably be delayed.

Featured image from ThoughtCo

Christian Encila

Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.

Advertisement

Continue Reading

algo

DeFi Begins Recovery As TVL Exceeds $45 Billion

Published

on

DeFi Begins Recovery As TVL Exceeds $45 Billion

Decentralized Finance (DeFi) has always been the most evolving sector in the Web3 space. With new innovations and protocols popping up in the DeFi industry, the ecosystem total value locked (TVL) continued to increase until the bear market stepped in. 

The bear cycle caused a lot of downturns in many sectors of the We3 industry including DeFi. However, following the ongoing so-called ‘mini bull run,’ we’ve seen DeFi TVL start to recover from the lower lows and surge by nearly 20% since the beginning of the year. 

DeFi TVL Surges Nearly 20%

According to data from DeFiLlama, DeFi TVL has exceeded $45 billion — its highest point in the past two months. Major DeFi protocols such as Lido Finance and MakerDAO played a significant role in the DeFi TVL rise. Lido has amassed double-digit gains over the past week, adding $8.4 billion to the DeFi ecosystem since its lower low late last year. 

Though the TVL rise appears to be mirroring the crypto rally as most of the underlying DeFi tokens have also followed suit in the bullish trend, one thing worth noting is that DeFi TVL is still very far from its all-time high seen in 2021. 

Advertisement

Notably, Liquid staking protocol like Lido Finance is the accelerator of the DeFi ecosystem surge, having the largest DeFi market share with 14.75% dominance and leaving the former king of DeFi, MakerDAO, behind with a share of 13.25%, according to DeFiLlama.

As reported by NewsBTC, the reason behind the rapid increase in the momentum of Lido is the Ethereum Merge, which triggered the popularity of liquid staking protocols such as Lido Finance. Following the merge, the total ETH stake in Lido increased 10% from 4.43 million ETH on September 15, 2022, the date of the merge, to over 4.8 million ETH today.

Other Accelerator Of The DeFi TVL Rise

Aside from Lido’s aid in the DeFi TVL surge, the high-throughput layer-1 blockchain network, Algorand, has also been an assistant following its 123% spike over the past week. It currently has $176 million in TVL, with five of the top six leading DeFi protocols on the network having done significant percentages in gains over the past 7 days.

AlgoFi is up 121% in the last 7 days. Folks Finance is up 490%, Pact 136%, and GARD 202%, driving massive momentum into the ecosystem. 

Aave and Uniswap have always contributed greatly to the DeFi ecosystem TVL, with Aave recording over 10% in gains in the last 7 days and Uniswap recording nearly 7% in gains over the same period. Regarding blockchain, Ethereum is still the top dog with the largest share in the DeFi TVL.

Advertisement

Ethereum has a DeFi market share of over 50%, with a TVL of $27.16 billion. ETH has amassed significant gains in its value in the past few days amid the global market rally. 

ETH price is moving sideways on the 4-hour chart. Source: ETHUSDT on TradingView.com

ETH finally broke the $1,300 zone and has climbed to a higher high above $1,500. Though ETH is still far from its peak, the second-largest crypto by market cap is striving to reach its ATH and beyond.

Featured image from Freepiks, chart from TradingView

Advertisement
Continue Reading

algo

ALGO is all pumped up for 2023 as Algorand crosses this paramount milestone

Published

on

ALGO is all pumped up for 2023 as Algorand crosses this paramount milestone

  • Algorand kicked off 2023 on a positive note with one billion transactions on its network
  • Decentralized projects helped ALGO reach its monumental landmark

Algorand [ALGO] is off to a great start in 2023. The network just crossed the one billion transactions milestone, which is a big deal as far as utility is concerned. But what does this all mean for Algorand and ALGO?


Are your ALGO holdings flashing green? Check the profit calculator


Algorand reaching one billion transactions is a testament to its utility over the years. This also translated to a healthy adoption rate as well as a robust amount of value coming into its ecosystem. Also noteworthy was the fact that Algorand achieved this impressive feat with no downtime, even at sustained high loads.

1 BILLION TRANSACTIONS!

“The @algorand #blockchain has just processed its one billionth transaction thanks to a period of sustained high load and the network behaved smoothly, as it is built for” – @GaryMalouf, Head of Engineering.$ALGO fam, stay tuned for a surprise soon 👀 pic.twitter.com/fpwKbQtcV9

— Algorand Foundation (@AlgoFoundation) January 3, 2023

Advertisement

Algorand could achieve the milestone thanks to healthy adoption and onboarding of decentralized projects. Among those projects is Dequency, a music licensing marketplace that might be pivotal in shaping the evolution of the music industry in the decentralized space.

Algorand also announced the integration of Dequency into Stripe payments on 3 January.

[email protected]_io, a music licensing marketplace built on Algorand, announced @stripe integration payments 🤝

Musicians can now decide whether their licenses can be purchased with cards, crypto, or both.

Read more: https://t.co/ssNpc8lLTm

— Algorand (@Algorand) January 3, 2023

Advertisement

The move will allow artists in the music industry to decide whether their licenses will be sold through either cash or crypto. Perhaps even both. But more interesting is that Dequency has the power to tap into robust growth through the music industry.

Algorand growth on multiple fronts

Algorand’s prospects in January are not only looking good on the adoption front but also in terms of development. The network ended in December with a drop in development activity. However, it kicked off with a development activity uptick.

Source: Santiment

This surge in development activity might be perfectly timed to boost investor confidence. That seems to be the case, considering the demand for ALGO in the derivatives market. Both Binance and DYDX funding rates have achieved noteworthy improvements so far this week.


How many ALGOs can you get for $1?

Advertisement

But can these factors support a favorable price action? Well, ALGO delivered a 16% upside in the last six days after pivoting from its 2022 lows. It traded at $0.18 at press time, but now the real question is whether it can sustain the rally.

Source: Santiment

ALGO’s price uptick reflected a surge in money inflow, as indicated by the Money Flow Index (MFI). The current trajectory demonstrates significant strength as indicated by the Relative Strength Index (RSI), but it is now in the 50% RSI range.

There also stood the potentially of some profit taking near this range and a potential reversal. On the other hand, there could be more upside if the bullish sentiment remained.

Advertisement

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

Advertisement

Continue Reading

Top posts

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted
Legal8 hours ago

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Mike Dalton · 7 seconds ago...

Monero [XMR]: Can bulls defend $163 support level as bears take over Monero [XMR]: Can bulls defend $163 support level as bears take over
altcoin9 hours ago

Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum
altcoin10 hours ago

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

GMX moves to Arbitrum, threatening Avalanche. Decreasing sentiment, declining TVL & NFT trades for Avalanche. According to the latest data...

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey
aid10 hours ago

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake....

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Robinhood saw crypto transaction revenue fall by 24% in Q4 2022
Bear Market11 hours ago

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Mike Dalton · 2 hours ago · 1 min...

Trust Wallet says user’s $4M hack was done via social engineering Trust Wallet says user’s $4M hack was done via social engineering
Hacks11 hours ago

Trust Wallet says user’s $4M hack was done via social engineering

Trust Wallet says user’s $4M hack was done via social engineering Oluwapelumi Adejumo · 2 hours ago · 1 min...

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains? Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?
ADA price action11 hours ago

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Whale activity on the Bitcoin network makes up 50% of all transactions Whale activity on the Bitcoin network makes up 50% of all transactions
whale12 hours ago

Whale activity on the Bitcoin network makes up 50% of all transactions

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Smaller exchanges see around $200M in Bitcoin withdrawn over past week
Analysis13 hours ago

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min...

Cardano: Whale activity and booming ecosystem propel ADA Cardano: Whale activity and booming ecosystem propel ADA
ada14 hours ago

Cardano: Whale activity and booming ecosystem propel ADA

Whale transactions on Cardano network surge, boosting ADA. Growing Cardano ecosystem drives TVL growth and increased fees. Cardano [ADA] gained...

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery 3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery
Uncategorized14 hours ago

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly...

SEC targets registered crypto advisors as top priority for 2023 SEC targets registered crypto advisors as top priority for 2023
Regulation14 hours ago

SEC targets registered crypto advisors as top priority for 2023

SEC targets registered crypto advisors as top priority for 2023 Liam ‘Akiba’ Wright · 7 hours ago · 2 min...

Tangem Review Tangem Review
Uncategorized14 hours ago

Tangem Review

Tangem Ratings at a Glance Product Offerings Customer Service Customer Pricing User Benefits User Experience Overall Rating Tangem wallet is...

The 5 Best Cryptos To Buy This Week For 30x Gains! The 5 Best Cryptos To Buy This Week For 30x Gains!
Cryptocurrency15 hours ago

The 5 Best Cryptos To Buy This Week For 30x Gains!

One of the main reasons behind the crypto rally we have seen in January is Fed’s report that has shown...

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner
altcoin15 hours ago

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

Yuga Labs’ new game boosts NFT collections and APE coin’s popularity. Increased funding for grants and growing NFT interest could...

3AC liquidators files against Kyle Davies for ignoring Subpoena order 3AC liquidators files against Kyle Davies for ignoring Subpoena order
Bankruptcy15 hours ago

3AC liquidators files against Kyle Davies for ignoring Subpoena order

3AC liquidators files against Kyle Davies for ignoring Subpoena order Christian Nwobodo · 8 hours ago · 1 min read...

Top 10 Stablecoins To Buy In 2023 Top 10 Stablecoins To Buy In 2023
Cryptocurrency15 hours ago

Top 10 Stablecoins To Buy In 2023

The article will suggest you the top 10 stablecoins to buy in the beginning of 2023 Stablecoins are becoming more...

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch
Bitcoin16 hours ago

Crypto Market Correction In Feb, Suspects Traders – But There Is A Catch

The crypto market has been quite fluctuating lately, especially Bitcoin which is hovering around $23,000 and $22,000 area. The King...

Trending