Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours.

Algorand Records New Low

Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week.

This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.

Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.

Algorand (ALGO) price chart on TradingView

This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.”