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The layer 1 blockchain network, Algorand (ALGO) has recorded an all-time low rate following the ongoing turmoil in the cryptocurrency market.
In the recent market breakdown that occurred on 15th August, every major cryptocurrency is downtrading. ALGO was no exception with it reaching the lowest of low $0.088 on 18th August, according to data from Coinmarketcap.
ALGO is currently trading at $0.096, down more than 14% in a 7 days chart. It’s now struggling to outreach the $0.1 support.
Recently, Algorand has been wrangled in conflicts as its ALGO token was included in the SEC’s list of unregistered securities listed on Binance exchange. It’s also involved in SEC’s lawsuit against Bittrex exchange where the US regulator again claimed ALGO is a security.
Algorand is a proof-of-stake (PoS) blockchain network and it was launched in 2019. It has gained significant traction such as becoming the official blockchain platform for FIFA and it being selected by Italy for digital sureties.
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