Cryptocurrency Algorand Decreases More Than 3% Within 24 hours
Portfolio Pulse from Benzinga Insights
Algorand's (CRYPTO: ALGO) price has decreased by 3.4% over the past 24 hours to $0.11, continuing its downward trend over the past week of -7.0%. The trading volume for the coin has decreased 39.0% over the past week, while the overall circulating supply of the coin has increased 2.78% to over 7.57 billion. The current market cap ranking for ALGO is #47 at $850.47 million.
July 07, 2023 | 7:01 pm
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NEGATIVE IMPACT
Algorand's price has decreased by 3.4% over the past 24 hours, continuing its downward trend over the past week. The trading volume has decreased by 39.0% over the past week, while the circulating supply has increased by 2.78%.
The decrease in Algorand's price, coupled with a decrease in trading volume, indicates a bearish sentiment among investors. The increase in circulating supply could further pressure the price as it suggests a higher availability of the coin. Therefore, the short-term impact on ALGOUSD is likely to be negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100