Algorand Is Outperforming After a 15% Jump. Here’s Why


Algorand Is Outperforming After A 15% Jump. Here's Why

Key Takeaways

has rallied 15% after revealing its appointment of Michele Quintaglie as its new Chief Advertising Officer.
Quintaglie boasts expertise at a few of the world’s high companies, together with Visa, Constancy, and Raytheon Applied sciences. 
Because of its partnership with main soccer federation FIFA, is having fun with elevated curiosity within the lead-up to the World Cup in November.

Algorand Is Outperforming After A 15% Jump. Here's Why

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Algorand Is Outperforming After A 15% Jump. Here's Why

is certainly one of solely a handful of cryptocurrencies within the inexperienced after the Federal Reserve raised U.S. rates of interest by 75 foundation factors yesterday.

Algorand Is Outperforming After A 15% Jump. Here's Why

Algorand Defies the Market

Algorand has employed a brand new CMO. 

Algorand Is Outperforming After A 15% Jump. Here's Why

The corporate behind the self-styled “sustainable blockchain” introduced Wednesday that it had employed Michele Quintaglie as its new Chief Advertising Officer. Quintaglie joins Algorand’s new interim CEO, Sean Ford, after the agency’s earlier CEO, Steven Kokinos, left the place in July.

Algorand Is Outperforming After A 15% Jump. Here's Why

Quintaglie boasts expertise at a few of the world’s high companies, together with positions as Head of Communications at each Visa and Constancy, in addition to Head of International Media Relations and Public Affairs at Raytheon Applied sciences. 

Algorand Is Outperforming After A 15% Jump. Here's Why

Algorand seems to have reacted favorably to Quintaglie’s appointment. For the reason that information broke yesterday, the ALGO token has jumped greater than 15%. It’s certainly one of solely a handful of cryptocurrencies within the inexperienced after the market’s response to the Federal Reserve’s 75 foundation level rate of interest hike.

ALGO/USD chart (Supply: CoinGecko)

Nevertheless, regardless of in the present day’s constructive worth motion, Algorand remains to be wanting its bull market peak. ALGO briefly reached a excessive of round $2.98 in November 2021 however has misplaced a lot of its worth as crypto and shares tumbled all through 2022 in response to rate of interest hikes from the Federal Reserve and worsening macroeconomic situations. 

One other Tailwind 

Yesterday’s appointment of a brand new Chief Advertising Officer is just not the primary tailwind for Algorand in latest months. 

In Might, Algorand secured a partnership with the world’s premier soccer federation, FIFA. The ALGO token acquired a bullish increase after FIFA introduced Algorand would change into the group’s official blockchain platform, serving to it acquire broader publicity. 

For the reason that FIFA partnership, Algorand has loved elevated curiosity each from traders and soccer followers. Earlier this month, FIFA revealed “FIFA+ Gather,” a brand new platform that can permit soccer followers to personal distinctive digital collectibles of essentially the most iconic moments from FIFA World Cups matches. Per the latest partnership, FIFA+ Gather makes use of the Algorand blockchain to confirm proof of possession. The FIFA+ Gather market went stay Thursday, which can have contributed to ALGO’s rise alongside the recruitment announcement. 

Elsewhere, different soccer-focused crypto choices are additionally the broader market. Chiliz, a blockchain that lets customers mint fan tokens for high European soccer golf equipment, has seen its native CHZ token soar within the lead-up to the FIFA World Cup in November. CHZ is up over 183% from its June lows, whereas fan tokens for golf equipment akin to F.C. Barcelona and Manchester Metropolis have additionally produced notable positive factors. 

Whether or not Algorand will proceed to profit because the World Cup attracts nearer is just not but clear. With such an unstable financial backdrop, belongings akin to cryptocurrencies that occupy the far finish of the chance curve might be most weak within the occasion of a recession. Nonetheless, Algorand seems to be making a stable basis by bringing on high expertise and forging main partnerships. As such, it’s going to possible be well-positioned if the crypto market begins to get better sooner or later. 

Disclosure: On the time of penning this piece, the writer owned ETH, BTC, and a number of other different cryptocurrencies.

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