• Home
  • Algorand Usage Soars 300%, ALGO Price Drops 10.5%

Algorand Usage Soars 300%, ALGO Price Drops 10.5%

“`html

The Key Points at a Glance:

  • The number of active addresses in the Algorand network has increased by 300% since December 1.
  • The ALGO price recorded a decline of 10.5% in the last 24 hours.
  • Market corrections and reduced activity from large investors are negatively impacting the current price.

Rising Network Activity in Algorand

According to an analysis by IntoTheBlock, the number of active addresses in the Algorand network has significantly increased since December 1. The figure rose from 123,570 to 427,230 addresses, representing a growth of 300%. Currently, this number has stabilized at 343,790 addresses. This development indicates increased network usage, which can be seen as a positive signal for the price in the long term.

Market Correction Despite Previous Gains

Although Algorand recorded an impressive price increase of 318.99% last month and reached a high of $0.6133, the price fell to $0.475 in the last 48 hours. This represents a decline of 10.5% within a day. Such declines are often indicative of a market correction, particularly after a period of strong price gains.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Impact of Large Investors and Trading Activities

The activities of large investors, also known as “whales,” play a crucial role in price development. In recent days, these investors have sold more than they have bought, leading to a net outflow of 25.34 million ALGO tokens – the lowest value in the last three months. At the same time, the number of large transactions decreased from 309 to 162. This caution suggests that large investors are waiting for more favorable market conditions.

Bearish Sentiment Dominates the Market

Additionally, analysis by Coinglass shows that the majority of traders are currently betting on falling prices. The long-short ratio indicates that short positions dominate. The negative funding rate value on the DyDx exchange also confirms that the demand for short positions is higher than for long positions. These factors reinforce the short-term bearish sentiment in the market.

Key Price Levels to Watch

Two price levels are crucial in the coming days. If the downward trend continues, ALGO could find support at $0.45. However, if the bulls regain control of the market, the next significant resistance lies at $0.71. The further price development will heavily depend on market sentiment and the activity of large investors.

Our Assessment

Algorand is currently in a phase of consolidation following a strong upward movement. The increasing network activity is a positive signal for long-term development, but in the short term, bearish factors dominate the market. For investors, it is important to monitor the activities of large investors as well as the overall market sentiment. A clear trend reversal may only occur when whales become active again and the demand for long positions increases.

“`

100% without limit + 100 Free Spins
Welcome bonus
Cryptocurrencies (20)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Bonk Coin Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Floki Coin Logo
  • Litecoin Casino
  • Pepe Coin Logo
  • Polygon (MATIC) Signet
  • Ripple XRP Logo
  • Tamadoge Logo
  • Tether (USDT) Logo
  • Toncoin Logo
  • tron-logo
  • usd-coin-logo
CoinKings review
Bonus Information CoinKings
Wagering requirements 35x bonus
35x free spins winnings
Minimum deposit €20
Maximum bet €5
Bonus validity 30 days to claim
14 days to wager / 7 days for free spins
  • There is no maximum bonus amount.
  • 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
How did we rate this casino

In addition to an unlimited bonus, Coinkings.io has a lot to offer. We have a high tolerance for VPNs, an impeccable selection of cryptocurrencies and, above all, an experienced team that immediately provided a wide range of games. In combination, all of this is very convincing.

Author & Responsibility: Gregor Ziegler
Last update by Christian Dräger on 3. December 2024
The Curaçao Gaming Control Board Logo (onlight)
Curaçao
Licence
Up to 1.03 BTC + 225 Free Spins
Welcome bonus
Cryptocurrencies (29)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Bonk Coin Logo
  • Chainlink_Logo
  • dai-logo
  • Dogecoin Logo
  • Ethereum Logo
  • Floki Coin Logo
  • Litecoin Casino
  • Pepe Coin Logo
  • Polygon (MATIC) Signet
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • Toncoin Logo
  • tron-logo
  • usd-coin-logo
  • Zcash Signet (black)
Bets.io review
Bonus Information Bets.io
Wagering requirements 40x bonus
40x free spins winnings
Minimum deposit 0.0005 BTC
Maximum bet 0.00004 BTC
Bonus validity 30 days after registration
14 days (1st), 7 days (2nd), 1 day (3rd)
  • To get the bonus, enter the bonus code before the deposit.
  • Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
  • Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
  • Free spins are provided in batches of 25 per day.
  • Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
How did we rate this casino

Bets.io stands out as one of our top-rated crypto casinos. It combines everything you love about Dama casinos — like a stellar game selection and rock-solid reliability — with a refreshing twist: no frustrating KYC processes and no outdated payment methods.

Author & Responsibility: Steven Harper
Last update by Abby Richards on 3. December 2024
Anjuan Gaming
Anjouan
Licence
100% up to 1 BTC
Welcome bonus
Cryptocurrencies (9)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
Metaspins review
Bonus Information Metaspins
Wagering requirements 40x bonus
Minimum deposit 0,1 mBTC
Maximum bet $5 per spin
Bonus validity 7 days to wager
  • There is no cap on winnings or withdrawals.
How did we rate this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Author & Responsibility: Isabella Brown
Last update by Gregor Ziegler on 3. December 2024
The Curaçao Gaming Control Board Logo (onlight)
Curaçao
Licence

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.

Last update: 5. December 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.

Compare Casinos Choose up to 3 casinos to compare