The Algorand price held steady as investors remained optimistic about the platform. ALGO jumped by more than 9% to $2.20, which was a few points below the all-time high of $2.5355. This brought its total market capitalization to more than $10 billion, which propelled it to become the 19th biggest cryptocurrency project in the world.
The Mooch and Algorand
The Algorand price rose on Thursday after Skybridge Capital announced that it had raised a $100 million fund for Algorand investments. This makes it one of the biggest funds focused on the digital platform. In the interview with CNBC, Anthony Scaramucci said that his firm had invested about $700 million in digital assets. Scaramucci is popularly known as The Mooch.
The announcement came at a time when demand for Algorand has been on an upward trend. Indeed, the price of ALGO, its native token has jumped by more than 200% from its lowest level in July. It has risen by more than 600% year-to-date.
Meanwhile, the Algorand Foundation provided $100 million sponsorship to New York-based Drone Racing League. The partnership between the two parties will go on for five years. This makes Algorand one of the biggest cryptocurrency sponsors in the world. Other blockchain platforms that have sponsored sports and other companies are Tezos, Crypto.com, and FTX.
The Algorand price has rallied also because of increased usage of the network. Companies in areas like infrastructure, gaming, stablecoins, and decentralized finance (DeFi) have all embraced the network. Some of the best-known users of the network are Circle, Tether, Voyager, and Pocket Network.
Meanwhile, on-chain data show that activity in Algorand’s network is rising. For example, the number of accounts with ALGOs has been on an upward trend. Similarly, as shown below, the number of ALGO transactions have jumped recently.
The daily chart shows that the Algorand price has been in a strong bullish trend. And recently, it managed to move above the key resistance at $1.1880, which was the previous all-time high. It also completed the formation of the cup section of the cup and handle pattern.
Another notable thing that happened is that Algorand formed a break and retest pattern. This means that after rising above the resistance level at $1.1880, it retested the level this week. This is usually a bullish signal, meaning that the coin will likely maintain the bullish trend to $2.50.
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