The Algorand share price held steady as investors remain optimistic about the platform. ALGO jumped more than 9% to $2.20, just a few points below its all-time high of $2.5355. This brought the total market cap to more than $10 billion, making ALGO the 19th largest cryptocurrency project in the world.
Algorand and The Mooch
ALGO’s share price rose on Thursday after Skybridge Capital announced that it had launched a $100 million fund for Algorand investments. That makes it one of the largest funds focused on the digital platform. In an interview with CNBC, Anthony Scaramucci said his firm has 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. In fact, the price of ALGO, its native token, has risen more than 200% from its low in July. Since the beginning of the year, it has risen more than 600%.
Meanwhile, the Algorand Foundation has sponsored the New York-based Drone Racing League to the tune of $100 million. The partnership between the two parties will last for five years. This makes Algorand one of the largest crypto sponsors in the world. Other blockchain platforms that have sponsored sports and other companies include Tezos, Crypto.com, and FTX.
The Algorand price has also recovered due to the increasing usage of the network. Companies in sectors such as infrastructure, gaming, stablecoins, and decentralized finance (DeFi) have embraced the network. Some of the most prominent users of the network include Circle, Tether, Voyager, and Pocket Network.
Meanwhile, on-chain data shows that activity on the Algorand network is increasing. For example, the number of accounts with ALGOs is on an upward trend. The number of ALGO transactions has also jumped recently, as shown below.
<img src=”//www.w3.org/2000/svg%22%20viewBox=%220%200%201331%20512%22%3E%3C/svg%3E” data-src=”/uploads/2021/09/y2azuiog.jpg” alt=’Algorand Transactions 09/16-21′ width=”1331″ height=”512″ />
Algorand Price Forecast
The daily chart shows that the Algorand price is in a strong uptrend. Recently, it managed to overcome the important resistance at $1.1880, which was the previous all-time high. It also completed the formation of the cup leg of the cup and handle pattern.
Another notable event is that Algorand has formed a break-and-retest pattern. This means that the price was retested after its rise above the $1.1880 resistance level this week. This is usually a bullish signal, which means that the coin is likely to continue the uptrend to $2.50.