Algorand has been highly volatile during the recent timeframes. The cryptocurrency established a new 52-week high at $2.83 during September after which it began highly volatile price movements. The price appears to be consolidating as it is moving with high volatility in a contained rage. At the time of writing, the token stands at a price of $1.65. The price has turned relatively stable during the daily timeframe with a similar price behavior during the past week. The daily trading volume of the cryptocurrency has surged by more than 100%.
Currently, Algorand is the eighteenth largest cryptocurrency in the market and the capitalization of the token is moving upwards.
What is Algorand?
Algorand regards itself to be the blockchain for FutureFi. The vision of the network is to enable transparent, efficient, and secure exchanges. It is a pure proof-of-stake blockchain with the various technological capabilities of the crypto market like smart contracts and DeFi. The main offering of the network is a valuable addition to the existing way of using blockchains through increased speed and security. Another unique selling point of the blockchain is the application of blockchain technology. While the crypto market is flooded with new projects, there is often very little focus on use cases – something Algorand is working to alter. There are a lot of organizations that are currently building on the network because of its utility. Some of the big names working on the blockchain are Circle, Tether, Idex, etc.
Algo’s Decipher event
Recently, Algorand held its Decipher conference which was a two-day gathering of builders, creators, and innovators with the purpose of enabling innovation on the network. The Decipher event was named in the honor of the various key players working on deciphering the ecosystem of the cryptocurrency. The event took place in the hub of Miami and attracted 500 attendees with a further 2,500 virtual attendees. The event was sold out and features conversations related to NFTs, DeFi, DAOs, gaming, new economies, and beyond. There were around 60 speakers including some of the big names of the crypto market.
Moreover, the Decipher event was also a testament to the technology of Algorand. The platform is setting up an example and starting a new movement with the innovative event. Attendees accessed the venue through unique NFTs with each guest receiving an original NFT which served as a pass for the event. One of the underlying themes of the event was carbon neutrality as around 8,800 trees will be partnered through one of the partner organizations.
