The global cryptocurrency market continues to make considerable gains, with a number of cryptocurrencies breaking out to hit new yearly highs. The Bitcoin price continues to consolidate in the $43,000 – $44,000 range, which has allowed large cap and mid cap altcoins to explode.
While cryptocurrencies such as Solana, Injective and Kaspa have grabbed the headlines, Algorand has also now joined the bull party. $ALGO has appreciated 78% over the past month, with 16% of it coming this week alone.
Algorand hit the $0.25 price point yesterday, a milestone that it had not claimed since March of this year. Despite trading in red for most of 2023, $ALGO is now up 40% in the yearly time frame.
A new cloud mining token – Bitcoin Minetrix – is also experiencing significant gains in its presale.
Why Is Algorand Price Up?
The biggest factor behind $ALGO’s upwards trajectory over the past month has been the bullish broader market outlook, led by Bitcoin’s price rally to $44k. However, Algorand’s sound fundamentals are definitely helping its cause.
In an article published on CCN.com, titled “Algorand (ALGO): A Blockchain Breakthrough In Smart Contract Speed And Efficiency”, the CTO of Algorand foundation John Woods highlights a number of technological advancements made by his company.
He highlights the efficiency of Algorand’s Pure Proof of Stake (PPOS) consensus mechanism, its advanced smart contract capabilities and excellent network throughput. Woods compares Algorand’s efficiency to Apple’s Silicon processors.
Indeed, the blockchain boasts impressive scalability figures when compared to other Layer-1 chains. For instance, while Algorand can achieve 2880 AMM swaps per second, Solana and MATIC can only go as high as 273 and 47 respectively. It has a capability of over 10,000 TPS, and can achieve block finality in only 3.3 seconds.
Due to its cutting-edge scalability, several big-name companies such as FIFA, Bank of Italy, United Nations DP and American Red Cross have partnered with Algorand to deliver several Web3 services.
These factors could give $ALGO a significant edge in the long run. For instance, when Cathie Wood of ARK Invest praised Solana’s scalability in comparison to Bitcoin and Ethereum, $SOL immediately saw a strong surge in its value. $ALGO could see similar good fortunes in the 2024 bull run.
Algorand Price Prediction – How High Can $ALGO Reach?
The Algorand price recently achieved a golden cross, considering its 100-day Simple Moving Average surged above its 200-day SMA, which is an extremely bullish signal for its short-term price potential.
More importantly, $ALGO technical analysis from TradingView reveals that the cryptocurrency is outperforming every single moving average indicator in the daily time frame, earning itself a “Strong Buy” signal. Even in the weekly time frame, Algorand does not face any resistance until the $0.31 mark, when it will have to flip the 100-week simple and exponential moving averages.
The bulls would first look to breach the 20-month Exponential Moving Average at $0.28, which will give fresh legs to the ongoing price rally. Subsequently, considering the bullish broader market sentiments and Algorand’s strong fundamentals, $ALGO could hit the $0.50 price point by January of 2024.
Bitcoin Minetrix Nears $6 Million In Presale, Could It 10x After Launch?
Despite still being in its presale phase, the Bitcoin Minetrix project is gaining significant traction from smart-money traders such as Michael Wrubel and Connor Kenny. The demand for its cloud mining utility is evident in its presale, with $BTCMTX raising close to $6 million in a span of just over 2 months.
Bitcoin Minetrix is an innovative cloud mining platform, designed to make the process of crypto mining simpler and cost-effective for smaller-scale retail investors.
The traditional Bitcoin mining space has been dominated by wealthy corporations for over a decade. It is impossible for an everyday enthusiast to mine a Bitcoin block and earn the associated rewards, owing to the high capital investment and technical expertise required.
However, Bitcoin Minetrix allows investors to buy its native $BTCMTX tokens and stake them, receiving mining credits in exchange for it. These credits can be burned for cloud mining time or a percentage of the yields, both options leading to BTC rewards. With Minetrix’s stake-to-mine dashboard, the process is as simple as clicking a few buttons.
While the concept of cloud mining isn’t entirely new, Bitcoin Minetrix’s tokenized approach has given a positive spin to it. For instance, Minetrix users are allowed to unstake and sell their tokens at any point, which is a considerable improvement over the burdensome long-term contracts required by other platforms.
In line with the ongoing crypto airdrop season, the project has announced its own “Minedrop”, in which 10 lucky users will win $3k worth of $BTCMTX tokens each. This could be a substantial haul for them, considering that analysts such as Jacob Bury are predicting Bitcoin Minetrix to 10x after launch.
