š„š„š„ #Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets
In Q4 2023, Algorand ($ALGO ) exhibited robust growth, outperforming the broader crypto market, according to a Messari report. ALGO's market cap surged by 123%, surpassing the overall market's 53% growth. Transactions on the Algorand network increased by 58% QoQ, leading to a 60% rise in fee revenue, reaching a one-year high in ALGO terms, and a notable 143% surge in #USD terms. Algorand's thriving ecosystem, marked by innovative applications in regulated euro, tokenized farmland, and a developer marketplace, contributed to its dynamic image, attracting users from various domains.
User adoption saw a significant uptick, with 1.9 million new addresses added, reflecting a 72% QoQ growth. Transaction volume surpassed 5.5 million towards the end of the quarter, the highest recorded in the past year, with ALGO transactions rising by 43% QoQ. The rise in transactions was attributed to popular applications like Lofty.ai and TravelX.
Despite these positive trends, staked ALGO saw a 49% YoY decrease in Q4, linked to a reduction in rewards per governance period. This decrease indicated a preference among users to use the native asset for transactions rather than commit it to governance. Stablecoin market cap on Algorand experienced a QoQ decrease of 43% and a YoY decrease of 74%. Tetherās USDT stablecoin saw a substantial fall, with over $100 million withdrawn in Q3, while Quantoz launched EURD on Algorand, contributing to 1.4% of the stablecoin market cap.
In Q4 2023, Algorand's #DEFI TVL surged by 109%, marking a strong rebound to its second-highest level in the past year, with a 12% YoY increase. Notably, Folks Finance doubled its market share, while Pact and Tinyman collectively held 14% of the DeFi TVL market. Despite this growth, the ALGO token faced significant declines, trading at $0.1735, with drops of 8.7%, 12.4%, and 18.5% in the past fourteen days, thirty days, and one year, respectively.
Source - newsbtc.com
