While most of the crypto market dropped following Bitcoin’s 16% flash crash, some projects have held up well.
Algorand recorded a gain of over 30% today, reaching a new local high of $1.81. It’s slightly cooled off since, trading at $1.73 at the time of writing. Trading volume has also increased, more than doubling over the past 24 hours.
At the same time, other top projects have plummeted, with prices dropping as much as 25%. Those hit badly by the current downturn include fellow Layer 1 projects Avalanche and Tezos, falling 23% and 24% percent respectively before posting slight recoveries.
In contrast, Algorand has bucked the trend, registering double-digit gains while the rest of the market is down. ALGO has quickly surpassed its May highs, showing new enthusiasm for the protocol.