Algorand [ALGO]: Assessing if investors should expect better in August
Across the entire crypto-market, Algorand [ALGO] was one of those that failed to register a massive uptick in July. ALGO relatively underperformed compared to protocols like Cardano [ADA] and Solana [SOL].
As per CoinMarketCap, ALGO’s highest price level was $0.37, after a low of $0.30 on 13 July.
Now, a report by Kraken Intelligence has revealed that ALGO’s lows were beyond price performance. According to a report by the digital asset exchange, ALGO lagged behind the wider cryptocurrency cohort in terms of dominance.
Kraken found that the larger crypto-market’s capitalization surged by over $210 billion in July. However, ALGO’s contribution to the growth was as minimal as anyone could have imagined. ALGO was also ranked fourth behind Dogecoin [DOGE], Cardano [ADA], and Bitcoin [BTC] as far as the market cap’s Month-on-Month (MoM ) losses were concerned.
Furthermore, Santiment data revealed that ALGO’s June market cap was as high as $2.89 billion (6 June). However, the same metric only hit a $2.61 billion high on 19 July.
Besides the fall in market cap, ALGO’s Year-to-Date (YTD) was a -88% volume decrease. Interestingly, it could not produce an average volume uptick in July as it lost 37%. The Kraken report cited a few reasons that could have contributed to the losses. A notable one was the departure of its former CEO Steven Kokinos.
Additionally, active addresses across many cryptocurrencies increased in July. On the other hand, ALGO recorded a -25% decline in the same month. Drops were also seen in on-chain transfer volume and circulating supply growth, both of which led to questions if the ALGO ecosystem still has a future.
Source: Kraken Intelligence
Even now, the coin is still down 89.91% from its All-time High (ATH).
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