Why Algorand (ALGO) is the Best Bet Crypto Right Now?

The post Why Algorand (ALGO) is the Best Bet Crypto Right Now? appeared first on Coinpedia Fintech News

The altcoin industry has rebounded from the ashes of the 2022 crypto bear market and entered a new bull market phase, as Bitcoin (BTC) price continues to consolidate in a short-term bearish outlook. As large-cap altcoins lead in a bullish outlook fueled by rising cash inflows, Algorand (ALGO), a fast-growing layer one (L1) blockchain secured by the proof-of-stake (PoS) consensus mechanism, has emerged as a top performer. 

In the past five weeks, ALGO price has rallied more than 400 percent to reach a 31-month high of slightly above 60 cents. As a result, ALGO’s price is 85 percent away from retesting its all-time high (ATH) around $3.56, which was set over five years ago.

Why Bet on Algorand in this Bull Cycle

The Algorand blockchain has grown to a vibrant web3 ecosystem, with more than $194 million in total value locked (TVL) and over $50 million in stablecoins market cap. As the Algorand blockchain prepares to launch the staking rewards before the end of this month, the network’s activity has significantly surged in the recent past 

According to market data from IntoTheBlock, the active addresses on the Algorand network have surged Toby over 300 percent since December 1 to hover about 313k at the time of this writing.

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Midterm Targets

As most of the previously perceived ‘Dino’ altcoins attempt to mirror the success of Ripple Labs’ XRP, a potential rally could pump ALGO’s price towards its ATH in the near term. The mid-cap altcoin, with a fully diluted valuation of about $4.2 billion and a daily average traded volume of around $2 billion, is however likely to cool down before continuing with the recently established bull run. 

Furthermore, ALGO’s spot cash flow has turned negative again in the past two days, about $10 million, after an impressive performance in the last week of November. In case of sudden selloff, ALGO price will likely find a solid support range between 28 cents and 45 cents.

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