Algorand Blockchain Has Grown 35% In Q1 2022
March 10 2022 - 9:28AM
NEWSBTC
The Algorand (ALGO) blockchain has added over 6 million new
accounts to its network since the beginning of 2022. According to
AlgoExplorer data, the total number of accounts on Algorand at the
turn of the year was 17,373,299, while at press time (by March 10,
2022), this number was 23,548,065. This represents a 35% gain from
the start of the year. Algorand Gains 6 Million Users One reason
for the enormous increase in interest in ALGO could be the
network’s major technical improvement, which would allow
Algorand-based products to run on other blockchains and in
low-power contexts like mobile phones and smartwatches. Algorand
total accounts. Source: AlgoExplorer Algorand also anticipates the
development of London Bridge, a trustless bridge that will connect
the platform to Ethereum (ETH). Commenting on the upgrade, Paul
Riegle, the Chief Product Officer at Algorand stated: The power and
composability of Algorand’s smart contract platform has transformed
in recent months. Developers are building versatile decentralized
applications that have and will continue to disrupt a wide variety
of industries. With this latest upgrade, Algorand continues its
leadership position when it comes to ongoing delivery of highly
sophisticated blockchain technology. It’s also worth noting that
the Algorand Foundation hired a new CEO, none other than former
JPMorgan executive Staci Warden, only a few days before the award
announcement. She brings a wealth of experience from her previous
positions at Nasdaq, the US Treasury Department, and the Milken
Institute. Grayscale Investments added Algorand to its list of
assets under consideration as one of the 25 new token entries in
January 2022. ALGO was one of numerous Layer 1 blockchain coins
that were added to the list. Notably, Algorand had already begun
the year on a high note, even before the Grayscale announcement.
Anthony Scaramucci, the founder of alternative investment firm
SkyBridge Capital, lauded Algorand, projecting its future as “the
Google” of blockchain technology. Related Reading | Bitcoin
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ALGO Price The Algorand price analysis is negative for the day, as
the bears have created a means to retaliate after a brief bullish
price action. The bearish momentum has been strong enough to reduce
the price levels to $0.730. The bears have been quite successful in
the last several hours, since the decline is massive and has had a
negative impact on the entire value of cryptocurrencies. However,
as seen in the price charts, the most recent advance is in favor of
the bears. The next support for the ALGO/USD price function is at
$0.703, where traders can expect the price to rise if the support
holds. ALGO/USD trades at $0.7. Source: TradingView The 1-day and
4-hours Algorand price analysis reveal that the current trend has
been bearish, resulting in a price reduction. The price has dropped
to $0.730, which is a very low value when compared to the previous
trading session. However, the support level around $0.703 appears
to be firm, and there is little chance that the price will fall
below it. Related Reading | Algorand, Solana, And More Lead List Of
Biggest Losing Altcoins Featured image from iStockPhoto, Charts
from TradingView.com
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