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Key Notes
- The Algorand network intends to launch staking rewards before the end of this year with a minimum of 30K ALGO for solo stakers.
- ALGO price has rallied to a 31-month high, thus indicating the onset of its macro bull run.
The total crypto market cap has surged to the highest level of about $3.71 trillion since inception majorly fueled by the altcoin industry. The TOTAL2 market cap, which excludes Ethereum ETH $3 304 24h volatility: 3.5% Market cap: $398.81 B Vol. 24h: $33.30 B , surged to a new all-time high earlier today of above $1.1 trillion. Consequently, more investors have rushed to undervalued altcoins to maximize potential gains.
Moreover, altcoin projects that were previously considered as ‘zombie tokens’ led by Ripple Labs XRP XRP $3.17 24h volatility: 1.0% Market cap: $182.95 B Vol. 24h: $10.77 B , Litecoin LTC $126.3 24h volatility: 6.4% Market cap: $9.54 B Vol. 24h: $1.46 B , and Cardano ADA $1.07 24h volatility: 3.4% Market cap: $38.49 B Vol. 24h: $1.86 B have all registered palpable returns in the past five weeks. Additionally, Bitcoin’s market dominance has dropped by over 10% in the past three weeks from more than 61% to about 54% at the time of this report.
Algorand Token Emerges Top Contender in Ongoing Altseason
With the 2024/2025 altseason confirmed, Algorand’s native token ALGO ALGO $0.44 24h volatility: 5.9% Market cap: $3.71 B Vol. 24h: $321.78 M has emerged as a top performer in the last few weeks. According to the latest crypto oracles, ALGO’s price has surged more than 400% in the last five weeks to trade above 50 cents for the first time in more than 30 months.
As a result, the mid-cap altcoin, with a fully diluted valuation of about $4.2 billion and a daily average traded volume of more than $1.9 billion, has ended the multi-year falling trend. From a technical analysis standpoint, ALGO price has formed a weekly higher high and higher low, which is an established characteristic of a rising market trend.
Furthermore, the weekly Relative Strength Index (RSI) has surged above the 70% level for the first time since 2021, signaling the bulls are in control. However, ALGO’s journey towards its all-time high, which is 85% away, will be characterized by potential 15-30% dips, which most experts believe will present a long-term buying opportunity.
Major Factors Driving ALGO Up
The notable rebound of Algorand in the recent past is heavily bolstered by robust fundamentals. Notably, the Algorand network has grown to a vibrant Web3 ecosystem, with more than $194 million in total value locked (TVL) and over $50 million in stablecoins market cap.
Active $ALGO addresses spiked by over 300% since December 1st, signaling a significant uptick in network activity. pic.twitter.com/SgfvB3HiiZ
— IntoTheBlock (@intotheblock) December 4, 2024
According to on-chain data analytics by IntoTheBlock, the Algorand network has registered a more than 300% surge in daily active addresses to about 313,371 in the last four days. The fact that the Algorand network supports ultra-low transaction fees and instant finality, more DeFi developers are keen to tap into the blockchain.
Some of the top-tier DeFi projects on the Algorand network include Folks Finance, Algomint, Tinyman, Algorai Finance, and Vestige, among many others. In a bid to keep the customers engaged, the Algorand network intends to launch staking rewards before the end of December, with the minimum solo stake set at 30K ALGO.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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