While the general crypto market started off with a decline today, Algorand (ALGO) has registered a 13.64% increase in the past 24 hours. At the time of writing, Algorand (ALGO) was trading at $0.3630.
But why is the Algorand price going against the general market trend that shows most cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) in the red?
Here’s a behind-the-scenes look at the factors driving the ALGO price up today.
Why the ALGO price is rising
Today’s price hike comes after Algorand announced yesterday that State Proofs are now available on the Algorand blockchain, which is one of the key technical achievements for the blockchain.
The state certificates enable Algorand blockchain to digitally sign any message in a truly decentralized manner and also promotes the security of the blockchain against quantum attacks, according to co-founder Silvio Micali.
After the introduction of the state certificates, Algorand claims it can now process 6,000 transactions per second, which is quite a high throughput considering most popular financial services such as Mastercard can only process around 5000 transactions per second.
Algorand will now be able to achieve finality and blocking in just a record 3.7 seconds.
Algorand’s price increase after the introduction of the Treasury bills is in stark contrast to Ethereum’s price drop after the Merge upgrade.