Algorand inches closer to $2B market cap recoup, details inside
The market capitalization of Algorand [ALGO] surpassed $1.6 billion on 29 March, following an increase in cryptocurrency’s value.
The move which drew the self-sustaining blockchain project close to reclaiming the $2 billion mark it lost since the market downturn in 2022, meant that the token now had an increased percentage of the circulating supply in the market.
Source: Santiment
How much are 1,10,100, ALGOs worth today ?
ALGO, whose network supports a wide range of blockchain-based applications, had struggled to remain in the limelight since its 75.91% drawdown from its ATH. But like other assets, the new year brought it some sort of respite.
But before the hike, Algorand Foundation took steps to lengthen where the project operated. And according to The Hindu BusinessLine , India was its next stop. The move to have an Indian wing was to help Algorand achieve three of its primary objectives.
As reported by the local media, the blockchain aims to expand its developer base by offering real-world utility. It also considered investing in India’s web3 ecosystem.
The expansion, also known as AlgoBharat, would also foster strategic collaborations between Algorand and major Indian blockchain players. Meanwhile, the foundation’s Vice President Anil Kanani also commented on the development.
Kanani, who acts as an adviser for India at the U.S. Treasury, noted that the web3 ecosystem in the country was already active. And this formed part of the reason the Foundation decided to establish a franchise there. According to reports from Business Insider , the VP said,
“Blockchain use cases that have the greatest real-world utility are happening here in India”
The move represents the second major announcement by Algorand this
Read more on ambcrypto.com
