Algorand (ALGO-USD) tokens drifted up 8.9% in Friday afternoon buying and selling in what was in any other case one other session of lifeless worth motion within the aftermath of the FTX debacle.
The worldwide crypto market cap solely gained 0.01% to about $832B on the time of writing, in accordance with CoinMarketCap data. ALGO, specifically, modified palms at $0.29 at 4:37 p.m. ET, up 6.6% prior to now 5 classes, however down some 82% YTD.
ALGO is the native token of Algorand, a Proof-of-Stake blockchain that seeks to hurry up transactions and decrease charges, in a dynamic that many protocols have been developed to sort out amid bitcoin’s (BTC-USD) slower transaction instances.
Different PoS-based cryptos: Cosomos (ATOM-USD) -0.5%, cardano (ADA-USD) +0.1%, polkadot (DOT-USD) -1% and solana (SOL-USD) -3.3%.
With the fallout of crypto alternate FTX triggering a domino impact inside and outdoors of the digital asset ecosystem, bitcoin (BTC-USD), the world’s largest digital token, remained in a good buying and selling vary as market members stayed on the sidelines, slipping 0.3% to $16.63K.
See why Looking for Alpha contributor Mike Fay known as bitcoin a buy.