The market cap of cryptocurrency Algorand nearly tripled between August and September 2021, and initially continued to grow in November 2021. The rise of the ALGO coin in September was noticeable, as it came in a time when the market cap of Bitcoin and other digital coins was declining. The Algorand coin is similar to Ethereum, Cardano, Solana and Polkadot in that is powers its own layer 1 blockchain, an environment for smart contracts and essential for setting up Decentralized Finance or DeFi projects. The market cap increase in September likely reflects a sentiment that Algorand has the potential to become a new Solana.
Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024
(in billion U.S. dollars)
Characteristic
Algorand (ALGO) market cap in billion U.S. dollars
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CoinMarketCap, & Statista. (September 25, 2024). Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024 (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 19, 2024, from https://www.statista.com/statistics/1277849/algorand-daily-market-cap/
CoinMarketCap, und Statista. "Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024 (in billion U.S. dollars)." Chart. September 25, 2024. Statista. Accessed November 19, 2024. https://www.statista.com/statistics/1277849/algorand-daily-market-cap/
CoinMarketCap, Statista. (2024). Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 19, 2024. https://www.statista.com/statistics/1277849/algorand-daily-market-cap/
CoinMarketCap, and Statista. "Market Capitalization of Algorand (Algo) from June 2019 to September 24, 2024 (in Billion U.S. Dollars)." Statista, Statista Inc., 25 Sep 2024, https://www.statista.com/statistics/1277849/algorand-daily-market-cap/
CoinMarketCap & Statista, Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1277849/algorand-daily-market-cap/ (last visited November 19, 2024)
Market capitalization of Algorand (ALGO) from June 2019 to September 24, 2024 (in billion U.S. dollars) [Graph], CoinMarketCap, & Statista, September 25, 2024. [Online]. Available: https://www.statista.com/statistics/1277849/algorand-daily-market-cap/
