{"id":607126,"date":"2024-05-09T00:00:32","date_gmt":"2024-05-09T00:00:32","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=607126"},"modified":"2024-05-08T17:45:52","modified_gmt":"2024-05-08T17:45:52","slug":"algorand-market-cap-and-tvl-skyrocket-as-algo-faces-critical-support-test","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/algorand-algo\/algorand-market-cap-and-tvl-skyrocket-as-algo-faces-critical-support-test\/","title":{"rendered":"Algorand Market Cap And TVL Skyrocket As ALGO Faces Critical Support Test"},"content":{"rendered":"

Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem.\u00a0<\/span><\/p>\n

However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects.<\/span><\/p>\n

Algorand Revenue Skyrockets<\/span><\/h2>\n

According to a <\/span>report <\/span><\/a>by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth.\u00a0<\/span><\/p>\n

In Q1 2024, ALGO’s commitment<\/a> to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter<\/span>, reaching its lowest level in a year at 1.7 billion ALGO staked.\u00a0<\/span><\/p>\n

\"Algorand\"
Staked ALGO decreased during Q1. Source: Messari<\/a><\/figcaption><\/figure>\n

Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024.
\n<\/span><\/p>\n

Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff<\/a><\/div>\n

The market cap for <\/span>stablecoins <\/span><\/a>on the Algorand platform declined 6% QoQ to $73 million. Circle\u2019s USDC market cap on Algorand decreased by approximately 9% QoQ to $50 million.\u00a0<\/span><\/p>\n

In contrast, Tether\u2019s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share.\u00a0<\/span><\/p>\n

Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap.<\/span><\/p>\n

Algorand’s DeFi TVL And Market Cap Lead The Pack<\/span><\/h2>\n

Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to $130 million.\u00a0<\/span><\/p>\n

Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire <\/span>DeFi market<\/span><\/a> on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23.\u00a0<\/span><\/p>\n

Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share.\u00a0<\/span><\/p>\n

\"Algorand\"
Algorand’s DeFi TVL increased during Q1 to $130M. Source: Messari<\/a><\/figcaption><\/figure>\n

Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the <\/span>DeFi TVL <\/span><\/a>market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ.<\/span><\/p>\n

Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching $2.1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around $3 trillion, denoting a 50% increase from the previous quarter.\u00a0<\/span><\/p>\n

Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter.<\/span><\/p>\n

Testing Key Support Levels<\/span><\/h3>\n

ALGO’s performance in the early stages of the second quarter has been predominantly <\/span>bearish<\/span><\/a>. Currently, the token is trading at $0.1935, with a possibility of further testing the support line at $0.1904.\u00a0<\/span>A breach of this level could lead to a continuation of the decline towards the next support at $0.1789.<\/span><\/p>\n

Related Reading: Fundstrat CEO Predicts When Bitcoin Price Will Reach $150,000 And $500,000<\/a><\/div>\n

On the upside, the $0.1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success.\u00a0<\/span><\/p>\n

\"Algorand\"
The daily chart shows ALGO’s price trending downwards. Source: ALGOUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem.\u00a0 However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects. Algorand Revenue Skyrockets According to a report by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth.\u00a0 In Q1 2024, ALGO’s commitment to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter, reaching its lowest level in a year at 1.7 billion ALGO staked.\u00a0 Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff The market cap for stablecoins on the Algorand platform declined 6% QoQ to $73 million. Circle\u2019s USDC market cap on Algorand decreased by approximately 9% QoQ to $50 million.\u00a0 In contrast, Tether\u2019s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share.\u00a0 Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap. Algorand’s DeFi TVL And Market Cap Lead The Pack Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to $130 million.\u00a0 Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire DeFi market on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23.\u00a0 Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share.\u00a0 Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the DeFi TVL market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ. Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching $2.1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around $3 trillion, denoting a 50% increase from the previous quarter.\u00a0 Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter. Testing Key Support Levels ALGO’s performance in the early stages of the second quarter has been predominantly bearish. Currently, the token is trading at $0.1935, with a possibility of further testing the support line at $0.1904.\u00a0A breach of this level could lead to a continuation of the decline towards the next support at $0.1789. Related Reading: Fundstrat CEO Predicts When Bitcoin Price Will Reach $150,000 And $500,000 On the upside, the $0.1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success.\u00a0 Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":566200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[85658],"tags":[88015,85659,86940,71759,86939,92251,92250,86938,85413,6664,14690,1558,54512],"class_list":["post-607126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorand-algo","tag-algo-analysis","tag-algo-price","tag-algo-price-analysis","tag-algorand","tag-algorand-algo","tag-algorand-ecosystem","tag-algorand-news","tag-algousd","tag-algousdt","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-defi"],"acf":[],"yoast_head":"\nAlgorand Market Cap And TVL Skyrocket As ALGO Faces 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