Algorand (CRYPTO: ALGO), has shot up 143.47% over the last 30 days beating the gains in a similar period by major cryptocurrencies.
What’s Moving? ALGO, a coin of a self-sustaining decentralized network focussing on speed, security, and decentralization, traded 10.19% higher over 24 hours at $2.17. This week alone, ALGO shot up 92.27%.
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Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), ALGO rose 6.55% and 8.52% respectively over 24 hours.
Over the last 30 days, the gains in ALGO have outpaced those in ETH and Cardano (CRYPTO: ADA), which rose 10.07% and 49% respectively. Dogecoin (CRYPTO: DOGE) has fallen 1.84% in this period.
Since 2021 began ALGO has gained 444.18%.
Why Is It Moving? Algorand, a proof-of-stake protocol, is betting on its green credentials in order to attract the attention of other businesses including Elon Musk’s Tesla Inc (NASDAQ:TSLA) who sought green alternatives to BTC earlier in the summer.
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The cryptocurrency was founded by Silvio Micali, an MIT professor and co-inventor of zero-knowledge proofs.
Micali tweeted at Musk earlier in May saying Algorand “was designed to be environmentally friendly” after the automotive entrepreneur said Tesla would stop accepting BTC.
On Thursday night, ALGO was among the top ten cryptocurrencies mention on Twitter, but did not attract remarkably high interest, as per Cointrendz.com data.
ALGO was mentioned in 1,562 tweets less than Cardano (CRYPTO: ADA), which was mentioned in 2,667 tweets and was ranked one step higher than ALGO by Cointrendz.
As per Benzinga’s Mark Putrino, ALGO has broken a key resistance at $1.70 and is trading above it indicating a new uptrend could be forming.