Algorand (ALGO) up 10%, Bull Sets New Target

Algorand (ALGO) is on a bullish rampage today after soaring as high as $0.1185 upon gaining a total of 6.83% over the past 24 hours. Algorand has managed to sustain its growth trend in the trailing seven-day period after printing a total gain of 10.2%.

Timeline of Algorand

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading above the key $29,500 level on Tuesday. Ethereum (CRYPTO: ETH) also moved higher, trading above the key $1,800 mark this morning.

Algorand, a state-of-the-art pure proof of stake network, is introducing innovative features that differentiate it from traditional proof of stake networks like Ethereum or delegated proof of stake networks like Cardano, according to John Woods, Chief Technical Officer (CTO) at Algorand. In a recent Twitter Video-call, he explained that Algorand's pure proof of stake mechanism incentivizes individual participation in consensus and decentralizes the network by disincentivizing pooling.

Crypto news: And we kick off this week with the news every XRP maximalist has been waiting for. After more than two years of legal wrangling, Ripple won a (partial) victory in a legal action brought by the Securities and Exchange Commission (SEC).

Algorand (ALGO), among the major cryptocurrencies in the market, experienced a surge of optimism today, mirroring the overall positive sentiment in the crypto space. This wave of optimism was triggered by Ripple's remarkable victory against the US Securities and Exchange Commission.

ALGO stood in a fairly decent position as of 13 July as indicators showed that some accumulation had taken place. Additionally, ALGO's metrics were also in support of a bullish narrative for the altcoin.

Algorand's largest decentralized finance (defi) protocol Algofi will shut down as the platform says it is unable to maintain the highest standards following a “confluence of events.

Algorand-based decentralized finance (DeFi) protocol, Algofi has announced the closure of its platform. The project contributed more than 50% to Algorand's total value locked (TVL)

Algorand's DeFi protocol, AlgoFi, has announced that it will soon begin to shut down the platform and leave it only in withdrawal mode. The motivation is a “confluence of events,” including the collapse of the crypto ALGO.

The leading decentralized finance (DeFi) platform in Algorand, Algofi, will suspend its services as the Algorand blockchain suffers deteriorate activity. Their latest blog post indicated that the protocol will launch withdrawal-only mode soon. Moreover, it indicated that Algofi has encounter challenges in ensuring high standars. “..

Algorand's (ALGO) largest decentralized finance protocol, Algofi, will wind down because current events have made its continued operations non-viable, according to a July 10 statement. “A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company.