Algorand (ALGO) price has staged a strong recovery in the past few weeks as the altcoin season intensifies. The token has risen in the past three straight days and is now hovering at its highest point since April. It has surged by more than 144% from its lowest point this year.
Why is ALGO token rising?
Algorand price has jumped in the past few weeks even as concerns about the network remained. These concerns intensified in July when AlgoFi, which was its biggest DeFi platform shut down.
Before its collapse, AlgoFi held over 55% of all assets in its ecosystem. The developers cited the prolonged crypto winter and the lack of action on the platform. Since then, Algorand’s ecosystem has been quite tiny.
’s total value locked (TVL) stands at just $86 million. This makes it smaller than newer platforms like Base, Arbitrum, and Optimism, which have become popular among investors. The biggest dApps in Algorand’s ecosystem are Folks Finance, Lofty, Pact, and Tinyman.
Additional open-source data shows that Algorand has a small market share in the Non-Fungible Token (NFT) industry. According to CryptoSlam, Algorand’s NFT sales in the past 24 hours stood at over $9,086, making it the 17th biggest platform. In comparison, Solana handled $16 million while Bitcoin processed $14 million.
