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NewsBTC 2022-09-24 07:51:50

Algorand Registers Significant Gains Amid Crypto Winter

The crypto market is presently going through another round of downward movement except for a few coins like Algorand. Prices of cryptocurrencies are drastically dropping as macroeconomic factors set the pace. With the bearish trend, the primary crypto asset has crashed from its crucial support levels. Following the meeting of the FOMC on Wednesday, September 21, the US Federal Reserve settled its approach to controlling the rising inflation. Its decision led to the hike of the interest rates by 75 basis points. Related Reading: Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse With the increase in the rates, the prices of crypto assets in the crypto market are depleting. As a result, the bears gradually take over as the price crash expands. However, the native token of Algorand has distinguished itself from the prevailing trend as it beats the price crash. Algorand Defiles the Bearish Sentiment While other assets are under selling pressure due to the bearish sentiment, ALGO displayed more positive strength. The price of ALGO is trading at $0.3816 at the time of writing. This shows about a significant gain. Surprisingly, ALGO had increased by more than 20% over the past seven days. This remarkable feat from Algorand came through the blockchain’s performance which recorded up to 6,000 TPS. The value exceeds that of MasterCard, which boasts 5,000 TPS. Other tokens in the market are far behind Alg...

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