Following a significant surge in trading activity, market observers are now watching whether ALGO's price will begin to reflect this renewed interest after a period of declines.
Trading volume surges despite recent price drops
Algorand's daily trading volume increased by
↗103%
, a sharp contrast to the broader market which saw volume decrease by
↘35%
. This occurred while ALGO's price fell over the past week (↘6%) and month (↘9%).
Yearly gains contrast with short-term weakness
Over the last year, ALGO’s price is up
↗73%
, placing it among the top-10 performers in the Layer 1 category. However, its recent weekly and monthly performance has underperformed the average for similar projects.
ALGO remains far below its all-time high
The asset is currently trading approximately
↘92%
below its all-time high price, a situation common for projects recovering from previous market cycles.