In the entire crypto market, Algorand [ALGO] was one of those companies that failed to make a big jump in July.ALGO performs relatively poorly compared to protocols such as this Cardano [ADA] and Solana [SOL].
according to Coin market valueALGO’s highest price level was $0.37, while the July 13 low was $0.30.
Now, a Report Kraken Intelligence revealed that ALGO’s lows outweighed price performance. According to a report by the digital asset exchange, ALGO is lagging behind the broader cryptocurrency community in terms of dominance.
Anatomy of details
The market cap of the larger crypto market surged by more than $210 billion in July, Kraken found. However, ALGO’s contribution to growth is as insignificant as anyone imagined. ALGO also ranked fourth Dogecoin [DOGE]Cardano [ADA]and bitcoin [BTC] In terms of month-on-month (MoM) loss in market capitalization.
In addition, Santiment data disclose ALGO’s market cap hit $2.89 billion in June (June 6). However, the same metric only reached a high of $2.61 billion on July 19.
In addition to the drop in market cap, ALGO’s year-to-date (YTD) volume is down -88%. Interestingly, it was unable to achieve average volume growth in July as it lost 37%. The Kraken report cites some possible reasons for the loss. Notable is the departure of its former CEO, Steven Kokinos.
Additionally, active addresses for many cryptocurrencies increased in July. On the other hand, ALGO recorded a -25% decline in the same month. There have also been declines in on-chain transfers and circulating supply growth, both of which raise questions about whether there is a future for the ALGO ecosystem.
Is there anything positive?
Even now, the coin is down 89.91% from its all-time high (ATH). However, ALGO’s poor performance in July was a generalist, with the only positive factor being a 14% rise in the number of transactions at one point.
ALGO has also not been able to change its CEO since its departure – meaning the team has been without a clear direction following the appointment of the COO to act as CEO.The state of affairs may also have affected ALGO’s powerless Break its resistance faster.
Given its current status and no visible development in sight, ALGO could be at risk of being sidelined by investors. The signs seem to be there.
In fact, a look at Santiment shows that ALGO’s trading volume is not arrive close to June levels. Likewise, its social dominance has declined sharply.
The lack of positives in the ecosystem could cause ALGO to drop further in the crypto market rankings. However, investors can hope for a change in the right direction.
At press time, ALGO was up 2.88%, claiming a rise to $0.35.