As cryptocurrency market suffers loss via a correction.
This altcoin continues an uptrend of 86% this week.
Algorand (ALGO) is a blockchain for decentralized finance (DeFi) applications.
It was sitting around $1.51 before this week. However, declined like the rest of the crypto market to $1.20 on Tuesday.
Surprisingly, The 17th-ranked asset by market cap spiked to over 100% high of $2.41 on Thursday.
Furthermore, ALGO is currently sitting at $2.13 price tag.
The release of Algo’s next version of its asset management platform was announced on Thursday.
This could be the reason for the surge, though the news came after the surge kicked off.
Also, SkyBridge Capital founder Anthony Scaramucci gave Algorand a shoutout on CNBC.
He said, the crypto asset will grow due to its utility.
The former Trump Administration official added,
“There’s a lot of great stuff happening in this space… as more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there’s actually great use cases for them.”