While the general crypto market started today with a decline, Algorand (ALGO) has registered a 13.64% rise over the past 24 hours. At press time, Algorand (ALGO) was trading at $0.3630.
But why is Algorand price going against the general market trend that shows the majority of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) in the red?
Here is a sneak peek into the behind-the-scenes or the factors propelling ALGO price higher today.
Why ALGO price is surging
Today’s price rise comes after Algorand announced yesterday that State Proofs are now available on the Algorand blockchain, which is one of the most important technical accomplishments for the blockchain.
The State proofs enable Algorand blockchain to digitally sign any message in a truly decentralized manner and according to the co-founder Silvio Micali, also fosters the blockchain’s safety against quantum attacks.
Following the introduction of the state proofs, Algorand claims that it can now process 6,000 transactions per second which is quite a high throughput considering that most of the popular financial services like Mastercard can only handle about 5000 transactions per second.
Algorand will now be able to reach finality and block formation in only a record 3.7 seconds.
After months of uncertainty, the Tribe DAO which has announced plans to close down has finally voted to repay its users who were affected in the $80 million hack of Rari Capital’s liquidity pools.
The vote to repay the affected users is one of the final governance decisions for the Tribe DAO, which consists of Rari Capital, Midas Capital, Volt Protocol, and Fei Protocol.
The vote comes after several rounds of voting and governance proposals before the decision to vote for reimbursement was reached on September 18. The voting then took place on September 20.
On-chain voting platform Tally data shows that 99% of those who participated in the voting process were in favour of the proposal to reimburse the victims.
Repaying the Rari hack victims
According to the reimbursement proposal, individual victims will be paid back in FEI, while decentralized autonomous organizations (DAOs) will be paid in DAI. The Victims will however have to sign a message releasing any liability.
Fei’s founder Joey Santoro said via a tweet that the repayments would be made 24 hours after the vote was passed.
1/ The Rari Fuse Hack Payment has passed on-chain to FULLY pay the victims in 24 hours.
This is a big moment in these final governance decisions of the Tribe DAO.
The total amount to be distributed among the Rari hack victims amounts to 12.68 million FEI tokens and 26.61 million DAI tokens. At press time, Fei USD (FEI) was trading at $0.9938 while DAI was trading at $1.00.
EOS successfully completed its network upgrade a few hours ago, but the cryptocurrency has been underperforming ever since.
EOS, the native coin of the EOS network, has been underperforming over the last 24 hours. The coin has lost more than 3% of its value so far today and risks dropping below $1 if the bearish trend continues.
The poor performance comes despite the broader crypto market performing well so far today. In the last 24 hours, the broader crypto market has added less than 1% to its value, with the total crypto market cap now around $922 billion.
Bitcoin climbed above $19k earlier today after adding more than 1% to its value in the last few hours. Ether is looking to surge past the $1,300 resistance level but is down by more than 2% in the last 24 hours.
EOS’s poor performance comes despite the EOS Network Foundation announcing the successful completion of its Antelope Leap 3.1 upgrade on Wednesday, September 21st.
This latest development means that the EOS Network is no longer tied to Block.one and Bullish. The team said the switch to Antelope Leap 3.1 would see EOS block producers who operate the public network formally adopt code solely developed under the helm of the EOS Network Foundation (ENF).
Key levels to watch
The EOS/USD 4-hour chart is bearish as EOS has been underperforming over the past few days.
The MACD line is below the neutral zone, indicating that the EOS market is currently bearish. The 14-day relative strength index of 33 shows that EOS is close to entering the oversold region.
At press time, EOS is trading at $1.23 per coin. If the bearish trend continues, EOS could drop below the $1.1724 support level.
However, with the broader crypto market now performing well, EOS could embark on a recovery. If that happens, EOS could move past the $1.3348 resistance level before the end of the day.
Unless there is an extended bullish run, EOS should stay below the $1.4701 resistance level in the near term.
Where to buy now
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Dating.com’s metaverse project on Decentraland is the first in the dating sector.
Love is in the air, and finding love is in the metaverse!
Dating.com, a subsidiary of global social discovery company Dating Group, has opened the first-ever dating site in the metaverse, according to an announcement seen by CoinJournal.
The company, which counts more than 30 online dating sites and has offices cross seven countries, said the debut of its virtual reality dating space is a nod to its flagship platform’s innovativeness.
“Starting Friday, September 23 singles of all ages can visit Dating.com’s metaverse dating space to flirt, mingle, and make long lasting connections,” the company announced.
The metaverse project could see Dating Group add to its more than 73 million registered users on Dating.com and other sites, including Dil Mil, Cupid Media and DateMyAge
Dating in Decentraland
Dating.com’s virtual love platform is designed in Decentraland, a leading metaverse platform where unique infrastructure has been set up to create an atmosphere of love.
“We’re pleased to be the first dating site to unveil our virtual dating world and we’re looking forward to seeing Dating.com users continue to make global connections in this new space,” said KJ Dhaliwal, Chief Strategy Officer for Dating Group.
As well as interactive activities for singles, a gift giving feature has been enabled to allow couples gift NFTs to mark their love.
The virtual reality platform, which works with avatars could resonate massively with people as they can explore and nurture connections without the prejudice that can sometime be experienced in the physical world – basically, “materialistic, superficial factors or judgments” likely to impact people in the real world are removed.
This can then allow for relationships to grow based on things such as personality and shared values. All the while without the nagging fear of whether one is wasting time or money as is often the case with in-person dates.
‘Wedding of the year’ in the metaverse
As per Wednesday’s announcement, the launch of the dating site this Friday will include a “wedding of the year” involving three real-world couples.
To celebrate the pioneering move, Dating.com plans a grand blockchain matrimony, with the virtual marriage ceremony bringing together lovebirds who first met on the site. The newly-weds will get NFT certificates as proof of their marriage – which will also be witnessed by family, friends and an officiant.
Dating.com says its website that those looking to win a wedding in the metaverse can submit applications by 22 September.
Bitcoin is making a rebound, and most top cryptocurrencies are making positive, albeit small, gains. This is an indicator that though all financial markets are in the red right now, cryptocurrencies could be about to make a rebound.
This means it could be time to start looking into cryptocurrencies with strong news that could see them perform well for the remainder of the week and possibly for the rest of the month.
If you are looking to make the most of the market today, below are some of the cryptocurrencies that could easily end the week higher by double-digit percentages. Each of them has strong news backing them up.
XRP (XRP)
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XRP (XRP) is one of the top-performing cryptocurrencies this week. Currently, it is up by over 15% in the week. This follows a spat between the SEC and Ripple’s general counsel, who wondered why the SEC chairman acted like a cryptocurrency cop.
The growing feeling is that the case between Ripple and the SEC is close to the end and that Ripple has a chance of winning it. If positive news keeps coming off this case, then XRP has the potential could remain in the green for the remaining part of the week. On top of that, if the case ends in Ripple’s favor within the year, XRP could be one of the best-performing cryptocurrencies by the end of 2022.
EOS (EOS)
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Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
EOS (EOS) has lagged behind the broader cryptocurrency market for a while now. Even in the last bull run, EOS vastly underperformed. However, this week there is reason to be bullish on EOS. That’s because of the Antelope Protocol update.
Through this update, the EOS network will be able to give users a better experience and make the network more attractive to developers. Among the features that developers will enjoy include EVM cryptographic functions and faster transaction life cycles. Since this gives EOS higher odds of long-term adoption, this crypto could benefit from FOMO in the short term.
Cardano (ADA)
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Cardano (ADA) is known to rally whenever there is big news around it. This is thanks to the Cardano community’s strength, one of the most passionate in the market. The big news is that Cardano now has more value staked than other top blockchains like Avalanche and Binance Coin. The total value staked on Cardano is $11.49 billion, making it the third most staked network after Ethereum and Solana.
This is likely to draw a lot more attraction to Cardano, given that it is also one of the most scalable networks with some of the lowest transaction costs in the market. In essence, the growing amount of staked value in ADA signals a potential for long-term adoption.
All this puts Cardano in an excellent position to rally in the short term, and hence crypto is worth watching not just this week but heading into October.
