across the entire crypto market, Algorand [ALGO] It was one of those that failed to post a massive rise in July. ALGO performed relatively poorly compared to protocols such as Cardano [ADA] And the Solana [SOL].
according to CoinMarketCapALGO had a high of $0.37, after a drop of $0.30 on July 13.
Now, Report By Kraken Intelligence it was revealed that ALGO’s dips were outpacing price performance. According to a report by the digital asset exchange, ALGO has fallen behind the broader cryptocurrency group in terms of dominance.
anatomy of detail
Kraken found that the capital of the largest crypto market rose by more than $210 billion in July. However, ALGO’s contribution to growth was as small as anyone could imagine. ALGO ranked fourth behind it Dogecoin [DOGE]Cardano [ADA]And the Bitcoin [BTC] Regarding market value losses on a monthly basis.
Furthermore, Santiment . data open ALGO’s market capitalization for June was as high as $2.89 billion (June 6). However, the metric itself only reached $2.61 billion on July 19.
Besides the decline in market capitalization, YTD ALGO has recorded a volume decrease of 88%. Interestingly enough, it was unable to produce the average volume increase in July as it lost 37%. The Kraken report pointed to some of the reasons that may have contributed to the losses. Most notably, the departure of its former CEO Stephen Kokinos.
Additionally, active addresses increased across several cryptocurrencies in July. On the other hand, ALGO recorded a decrease of 25% in the same month. Declines were also seen in on-chain transfer volume and circulating supply growth, both of which have led to questions about whether the ALGO ecosystem still has a future.
So far, the coin is still down 89.91% from its all-time high (ATH). However, ALGO’s poor performance in July was overall, the only positive being a 14% increase in the number of transactions at one point.
ALGO has also failed to replace its CEO since he has stepped down – meaning the team has been moving in without clear direction after appointing the COO to serve as CEO. The state of things can also affect ALGO inability To break his resistance sooner.
In light of its current location and no clear development on the horizon, ALGO could risk being sidelined by investors. It may appear that the signs are already there.
In fact, a look at Santiment revealed that the size of ALGO was not receipt Nowhere near June levels. Likewise, its social dominance has diminished significantly.
This lack of positives from the ecosystem could lead ALGO further down the ranks of the cryptocurrency market. However, investors can remain optimistic about a change in the right direction.
At press time, ALGO’s earnings are up 2.88%, claiming to rise to $0.35.