FIFA’s new NFT boosts Algorand’s rise

Cryptocurrencies remain on hiatus ahead of tomorrow’s Fed decision. Bitcoin consolidates around $ 19,300, Ethereum holds around $ 1,350 per token. However, the price of the cryptocurrency Algorand, which is one of the sponsors of the next global, has risen in recent days, bloodyly due to the cryptocurrency ratings:

  • Algorand is a cryptocurrency that has benefited from part of the $ 600 million in funding created by the Temasek and BlackRock funds. He is also a partner of the fintech company Circle, which creates the USDC stablecoin. Circle has also been supported by BlackRock on several occasions.
  • Algorand was part of a small group of cryptocurrencies that are members of a digital asset fund, the construction of which was also initiated by BlackRock. All of this, along with the latest partnerships from BlackRock, Coinbase and Kraken, creates a network of cryptocurrency ties with the largest investment fund in the world, of which Algorand is a part.
  • Algorand benefits from decarbonisation grants and grants to support tree planting to benefit from institutions’ efforts to implement ESG criteria.
  • Last week, the network underwent an upgrade that makes it capable of processing 6,000 transactions per second for a fee equal to 1/100 of the value of the cryptocurrency (about $ 0.033).
  • Cryptocurrency is one of the main sponsors of the FIFA World Cup in Qatar, as part of which it has created a unique NFT collection. The collection is gaining popularity for the most popular sports game among players, FIFA 23. The Algorand award has gained momentum in the wake of NFT’s rise in popularity.
  • Algorand is one of the few cryptocurrencies fully compatible with the new ISO20022 interbank settlement standard. Other projects include IOTA, Ripple, and Stellar, among others. Banks have until the end of November to test solutions related to the new ISO, which could lead to the growing popularity of these tokens. ISO20022 is expected to be fully implemented by 2025, originally scheduled for 2022 as the pandemic has prolonged the transition process.
  • Algorand’s main objective is to ensure the integration of financial assets in the blockchain and tokenization sector, which, when implemented effectively (migration of thousands of projects and companies in the blockchain sector), has been described by Blockworks analysts as an 18 trillion dollar market. The project currently collaborates with over 500 institutions around the world.
  • Staci Warden, who gained experience at the US Treasury Department and NASDAQ, among others, has become the new CEO of the Algorand Foundation. She was also the director of JP Morgan for eight years.
  • Algorand has previously reported “intellectual collaborations” with the Massachusetts Institute of Technology and UC Berkeley. Based on the above, it can be concluded that Wall Street can view the project favorably.

Algorand Interval H4. The price has risen nearly 30% in several days and topped the 200 session average at $ 0.30. For several days Algorand remained above the SMA200, which is still the main trend. However, the RSI points to levels close to overbought, which in the past signaled an impending correction. Source: xStation5

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