The crypto money industry is still trying to heal its wounds after what happened on September 7, but meanwhile, it is seen that some cryptocurrencies continue on their way with a record rise.
ALGO Goes To Record
Algorand’s own cryptocurrency ALGO, It has gained 90% in the last 7 days and reached the highest level in two years. ALGO hit a two-year high of $2.44, making it the 17th largest cryptocurrency. So, how is ALGO experiencing such a rise at a time when the entire market, including the leading cryptocurrency Bitcoin, is falling hard?
The most important reason behind the ALGO rally could be the announcement made on August 31st. Koibanx, a Latin America-based asset management and tokenization company, announced on August 31 that they have signed a partnership with El Salvador and will build a new blockchain network on Algorand’s technology. Referring to the speed, scalability and general condition of Algorand, the announcement also emphasized that millions of people can use ALGO.
GlobalBlock manager Alexandra Clark also emphasized that ALGO has risen to a very important position with this news in her statement on the subject. In addition, Algorand wants to take advantage of the NFT boom and has recently received an investment of $83 million. Of course, in addition to this, Arrington Capital also announced in the past months that they will allocate $100 million in funding and use it for ALGO-based projects.