Algorand Development Activity Sees Major Increase

As Bitcoin fails to reclaim $66,000, Algorand development is quietly picking up steam among developers and institutional players.

Covered:

Bitcoin Price Tumble
Algorand Development Following Solana’s Footsteps
Algorand Turning Heads From Hedge Funds Thanks To Anthony Scaramucci

It’s a gloomy day in the crypto market after Bitcoin (BTC) broke back down from $66,000 following its strong push-off of $64,000 yesterday. Despite the bearish short-term outlook, other traders are discussing the underlying growth happening in the Algorand (ALGO) ecosystem.

RECOMMENDED: WHAT IS ALGORAND?

Bitcoin Price Tumble

After breaking to the upside yesterday and tapping resistance at $66,300, Bitcoin couldn’t hold the line at support and got pushed back down on solid volume.

The closely followed crypto trader MacroCRG gave an update on his outlook, saying that Bitcoin is printing a potential bear flag pattern that could send the asset back down to the $61-$62k region before reversing.

Something like this would be great #BTC pic.twitter.com/Wzj6dohckT

— MacroCRG (@MacroCRG) November 15, 2021

Algorand Development Following Solana’s Footsteps

Although short-term traders may not be happy with the current price action, other analysts are seeing ecosystem activity picking up steam from the Solana (SOL) and Algorand (ALGO) smart contract platforms.

Crypto market analyst Secret Salsa points to on-chain data from Santiment analytics that shows strong signs of growth in development activity from the platforms.

“Here is The $SOL chart $ETH maxis do not want you to see.”

From the chart, you can see that development activity in Ethereum (pink) and Avalanche (blue) looks to be slowing down, but Solana (red) and Algorand (yellow) are showing steep upticks in activity.

As Solana’s popularity continues to grow, the crypto community was sure to take note of the rising development coming from ALGO as well.

This chart tells me hold my $ALGO as long as possible.

— jimxjim.eth Ching Tan Hsieh (@jim74255) November 15, 2021

Data from DefiLlama also shows that amid the relatively flat week for layer-1 (L1) protocols, ALGO was a standout, jumping nearly 10% jump in total value tocked (TVL) in the last seven days.

The protocol TVL has been forming a series of higher highs and higher lows as it climbs toward the $100 million milestone. Currently, ALGO is holding $88.5 million in TVL.

Looking at the price, ALGO is currently trading at $1.92.

I think it’s significant to note that Algorand has been steadily holding a long-term ascending trend line as support for multiple weeks after initially reclaiming it in September following the market-wide summer bear cycle.

RECOMMENDED: ALGORAND’S FIRST GOVERNANCE PERIOD SEES NEARLY 2 BILLION ALGO LOCKED

Algorand Turning Heads From Hedge Funds

ALGO seems to fly under the radar for most retail crypto investors, however, last week on CNBC, the renowned hedge fund manager Anthony Scaramucci placed Algorand among the ranks of Bitcoin and Ethereum as superior monetary inflation hedges to gold.

“Well, I think gold will be okay, but it’s sort of a flatline situation. Can it go up modestly? Yes, but I think Bitcoin and properties like Ethereum and Algorand are gonna go up exponentially just because of the scalability [and] security issues around them.”