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Algorand (ALGO), a layer-1 blockchain protocol, has experienced an uptick in price within the last 24 hours. ALGO is outperforming the crypto market by about 9%. Algorand appears to have overcome its sharp decline experienced in the last 48 hours. Amid the ALGO rebound, the coin is now chasing new price levels.

ALGO Price Surge and Market Activity

According to CoinMarketCap data, ALGO is exchanging hands at $0.3869, a 9.47% increase in the last 24 hours. As investors' interest increases, Its trading volume has soared by a massive 53.06% to $304.02 million.

This suggests renewed confidence by market participants, who seemed encouraged by price movement. ALGO plunged to a low of $0.3214 within the last seven days amid price volatility on the market.

However, it has posted a significant price retracement in the last 24 hours, hitting a high of $0.4041 before settling at the current rate.

Meanwhile, users remain highly bullish and anticipate further surges in price as the day unfolds. The soaring trading volume supports this sentiment, as investors looking to acquire the asset have the liquidity to back the trade. 

The development suggests they might be looking at positioning for profit-taking in the event of a further price rally.

Algorand’s unique proposition and market potential

Algorand blockchain, created in 2017 by computer scientist and MIT professor Silvio Micali, is an open-source platform. The platform allows users to quickly process smart contracts and transactions with low fees and no delays.

In August 2024, Charles Hoskinson, Cardano founder, hinted at a partnership between Cardano and Algorand. Hoskinson lauded Algorand’s technology, noting that combining it with useful proof of work could result in great achievements in the crypto industry.

At the time, Gary Malouf, CTO of Algorand Technologies, remarked that the platform would love to explore the possibilities.

Analysts believe such partnerships could boost the value of ALGO on the broader cryptocurrency market.