Algorand Up 33% In 24 Hours: What's Behind The Price Spike?

Algorand (CRYPTO: ALGO) is up over 30% over the past 24 hours, benefiting from bullish sentiment around altcoins.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Algorand (CRYPTO: ALGO)	$0.3928	$3.2 billion	+33%	+71%
Ripple (CRYPTO: XRP)	$1.73	$98.8 billion	+18%	+22%
Cardano (CRYPTO: ADA)	$1.07	$38.3 billion	+7%	+20%

Trader Notes: Crypto trader Brandon Hong noted in a post on X on Friday that Algorand has surpassed its yearly high of around $0.31 and might go as high as $0.45 in the short term.

He sees a break below the yearly high as invalidation for the trade idea, suggesting Algorand can follow a similar path to Ripple and Cardano.

Pseudonymous influencer TradingSpaces is even more bullish, stating that the token is going to “fly” and retail interest will pick up around $1.50 or $2.

Community News:

The Algorand Foundation announced on its blog on Nov. 21 that it has joined the Decentralized Identity Foundation (DIF) to support open standards in digital identity.

The blockchain has developed a decentralized identifier (DID) method built on Algorand, allowing individuals and organizations to create secure identifiers using the Algorand blockchain.

The DIF leads the development of decentralized identity infrastructure and aims to prioritize individual control, privacy, and security.

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