Real-world adoption is what really matters when it comes to being a successful blockchain project and one project that benefited from a recent uptick in adoption is Algorand (ALGO), a pure proof-of-stake protocol aiming to become the go-to base layer for the global financial industry.
ALGO/USDT 1-day chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at $0.67 on July 20, the price of ALGO has rocketed 268% higher to a daily high at $2.47 on Sept. 9 as its 24-hour trading volume surged to a record-high $4.83 billion.
El Salvador builds on Algorand
The sudden surge in price and trading volume for Algorand came following El Salvador’s announcement that is now recognized as legal tender and that the country has also selected Algorand’s blockchain to help develop its blockchain infrastructure.
The Algorand network has slowly gained increased attention from larger institutions and governments as a result of its work on central bank digital currencies (CBDC)