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Altcoin, Algorand Spikes Inspite Recent Crypto Market Correction :

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.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.