Algorand [ALGO] Set to Rally by 25%, FIFA World Cup to Boost Prices

• Algorand (ALGO) had a largely stagnant week, trading at $0.2688 at press time. ALGO rallied by 6% to a two-month high, potentially increasing by another 25%.
• Algorand is intended to be an effective proof-of-stake blockchain, with emphasis on DeFi (decentralized finance) applications and initiatives for both institutional and retail clients.
• The World Cup sponsorship and the network upgrade are contributing factors to the coin’s recent strong performance; however, market sentiment has weakened these effects.

Overview of Algorand

Algorand (ALGO) is a scalable blockchain token that seeks to be an effective proof-of-stake blockchain. It focuses primarily on DeFi (decentralized finance) applications, as well as initiatives for both institutional and retail clients. At press time, it was trading at $0.2688 after rallying 6% to a two-month high, with potential for further growth of up to 25%.

DeFi Activity

The narrative surrounding the blockchain appears to be changing for the better based on increasing Algorand’s DeFi TVL (total value locked) during the past week. Projects supported by the Algorand blockchain include decentralized lending, trade and stablecoins amongst other cryptocurrencies. Additionally, the open source ecosystem of Alogrand’s decentralized governance and sound monetary supply economics seek to realize its worldwide potential in terms of influencing society and changing the world as a whole.

World Cup Contribution

The anticipation of FIFA World Cup starting November 20th has been a major factor in coin’s recent strong performance due to Algorand being one of its main sponsors. This excitement has helped ALGO’s pricing along with a network upgrade which increased speed among many other features.

Adverse Market Sentiment

Despite all positive developments mentioned above, adverse market sentiment has weakened their effects leading to waning increases in coin values recently..

Conclusion

In conclusion, although there have been some positive developments such as World Cup sponsorship and network upgrades leading to improved speeds amongst other features; ultimately it appears that market sentiment is having an overall weakening effect on price increases seen so far in ALGO tokens..

Cardano Network Reaches 7.63 Million Tokens, 59.8 Million Transactions

• The latest edition of the IOG weekly development report revealed that Cardano’s native tokens reached 7.63 million, with a total of 59.8 million transactions.
• The Plutus team planned their work for the next five sprints, with the main goals being finalizing the debugger MVP and increasing script capacity.
• The Hydra team concentrated on the Hydra Head V1 specification, and the Mithril team completed the implementation of the backward/forward compatibility.

Cardano has been making strides in the blockchain space over the last week, with impressive development updates released by Input Output Global (IOG). In its latest weekly development report, IOG outlined the key achievements and updated statistics for the Cardano [ADA] network.

The report demonstrated that the native tokens of Cardano had reached an impressive 7.63 million, with the total number of transactions on the network surpassing 59.8 million. Additionally, the report highlighted that 113 projects have been launched on the Cardano blockchain.

The Plutus team at IOG has been hard at work planning their work for the next five sprints. The main goals of the Plutus core team are to finalize the debugger MVP, increase script capacity and add property testing with the Plutus intermediate representation generators. The Ledger team at IOG has also completed some preliminary groundwork in preparation for CIP-1694 (Voltaire). Furthermore, IOG announced the date of the SECP upgrade which is proposed tentatively for the 14th of February 2023. This upgrade will help to drive greater interoperability and secure, cross-chain dApp development.

The Hydra team at IOG has been concentrating on the Hydra Head V1 specification, which is currently being reviewed and completed. The team at Mithril has also completed the implementation of the backward/forward compatibility, which will help to improve the overall development of the Cardano blockchain.

Overall, the updates from the Cardano team have been encouraging and demonstrate the commitment from the team to continually improve the network. It will be interesting to see how the network progresses over the coming weeks and months.

Bitcoin’s Social Dominance & Uptrend Point to Bullish Price Surge

• Bitcoin [BTC]’s social dominance has grown tremendously since the start of the year, with its market dominance increasing by 5% since 1 January.
• Data from cryptocurrency social analytics platform LunarCrush reveals that there are more people talking about BTC now than the last time it was at its current market cap.
• An assessment of BTC’s performance on the daily chart revealed that its uptrend remains strong, with its Open Interest increasing by 63% in the last month.

Bitcoin has been the talk of the town since the start of the year, with its market dominance increasing by 5% since 1 January. Data from cryptocurrency social analytics platform LunarCrush reveals that there are more people talking about Bitcoin [BTC] now than the last time it was at its current market cap. This can signal a surge in investor sentiment and could suggest that the king coin’s price may be nearing a peak.

However, an assessment of BTC’s performance on the daily chart revealed that its uptrend remains strong. Open Interest, which measures the number of traders holding open positions in the asset, has increased by 63% in the last month. This indicates that more traders are buying into the asset, which could be a sign of bullish sentiment.

In addition, Bitcoin’s social dominance has grown tremendously since the year began. According to LunarCrush, “there are actually more people talking about $BTC now than the last time it was at its current market cap.”

Analysts have also pointed to the growing use of Bitcoin as a hedge against inflation and the weakening US dollar. In addition, increased institutional interest in the asset has seen the king coin’s price skyrocket in the last few weeks.

As a result, Bitcoin has been able to maintain its position as the most valuable digital asset. With its market capitalization currently standing at over $1 trillion, the king coin is well on its way to becoming a mainstream asset.

In conclusion, the growing social dominance of Bitcoin, coupled with its strong performance on the daily chart, suggest that the king coin’s price could continue to rise in the near future. This could be further boosted by increased institutional demand and a weakening US dollar, which could result in more investors turning to Bitcoin as a hedge against inflation.