The crypto market started to slide as April came to an end. It has continued to decline steadily since May. Algorand, (ALGO), has stood out in the face of the bea market and is making gains, while others are falling.

Algorand, ALGO (Bearish Market): Algorand Soars

The crypto market fell precipitously to the Fed raising interest rates. It was led by and it has fallen to the lowest level since January. Algorand (ALGO), however, quickly recovered from the 11% loss on Thursday and continued to rally.

Algorand, (ALGO), rose by 9.93% from Thursday’s low to $0.7488, before continuing its rally Saturday when it gained an additional 7.39% value, setting a new four-week high of $0.7812.

Algorand price chart (7 days) Source: CoinMarketCap

ALGO was opened for trading at $0.59 last Wednesday, but rallied to $0.7812 and then retraced to $0.7185, at the time this article was written.

Algorand: Rising Staking Demand

Algorand’s recent rally is partially linked to the rising staking demand being experienced by the Altcoin. According to data from DeFiLlama, Algorand’s total value locked (TVL) has risen by 15% in the last week, and by over 31% in the last 30 days, reaching $205.49 million.

Algorand’s Total Value Locked (TVL). Source: DeFiLlama

Algofi has experienced the greatest increase in users lending ALGO to others on the protocol. Algofi has 61.44% dominance.

The Flipside

• Algorand has been announced by FIFA as an official Blockchain Partner for the FIFA World Cup Qatar 2022 earlier this week.

What You Need to Care About

Algorand’s impressive price can be attributed to its increasing utility and partnerships, which are predicted to boost its reputation and drive mainstream adoption.

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