Declines After FED Decision
After the announcement of the FED decision yesterday, many cryptocurrencies suffered losses after the rapid sales recorded in cryptocurrencies. Bitcoin, which moved slightly in intraday transactions and rose to $ 19 thousand 950 yesterday, faced rapid sales after the FED’s decision to increase interest rates by 75 basis points, and fell to $ 18 thousand 100 with a loss of nearly 9% from the daily peak to the closing. Ethereum, like Bitcoin, rose to the level of $ 1,400 before the FED decision, but after the decision, it lost 13% and fell to the level of $ 1,220. The losses were not limited to Bitcoin and Ethereum, but there was a downward mood in the markets. The total market value decreased to 870 billion dollars with the acceleration of sales after the interest rate decision. While all this was going on, there was a crypto currency that was on the rise, and now, when we look at the 24-hour data, it is the crypto currency that has gained the most value. Of course I’m talking about Algorand. Let’s examine together what is Algorand, which has gained 12% value in the last 24 hours.
What is Algorand?
Algorand is a decentralized network created to solve the speed problem in transactions in blockchain networks. Created in June 2019 by computer scientist and MIT professor Silvio Micali, Algorand was built to help create a borderless economy as a permissionless and open-source blockchain that anyone can join. Developed to increase the speed and efficiency of transactions made on blockchain networks, this network works with the proof-of-stake protocol. Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. A participant in the Algorand network has the right to bid and vote on the network by staking their ALGO.
What is ALGO?
ALGO is known as the cryptocurrency and the cornerstone of the network structure of the Algorand blockchain network. In the Algorand network, which works with the proof-of-stake algorithm, the rewards paid to the validators for producing blocks are divided and distributed among all ALGO token holders instead of being given only to the block producers. These reward distributions occur every ten minutes and are intended to encourage users to join the Algorand staking platform. Launched in June 2019, ALGO has a maximum supply of 10 billion, with about 69% of this supply in circulation. Ranked 29th among the top 30 cryptocurrencies by market value, ALGO’s highest level ever seen was $3.28 on June 21, 2019. The lowest he saw was around 10 cents on March 13, 2020. ALGO, which has made a good rise in the last 24 hours, continues its price activity around 35 cents for now.
ALGO Price Analysis
We said that ALGO continues its price activity around 35 cents. If ALGO continues its rise, the first resistance point it will encounter will be at the 42 cent level. Even though it broke that resistance point and continues to rise, 54 cents and 71 cents levels can be seen as the next resistance points. In any decrease, 32 cents and 27 cents are the support levels, respectively.
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