One thing I often say on my YouTube show is that Algorand isn’t much of a price mover.
Every time I pull up the top gainers or lowers, Algorand is never in the list. (Hedera rarely is too).
But that changed this week. Algorand hit the No. 1 position on top 24-hour gainers on two different days. And even as I type this, it’s No. 2, behind only some new top 100 entrant I hadn’t heard of called edgeX.
Why? It’s always dangerous to point to specific reasons a coin pumps with confidence.
But the most likely culprit seems to be Google’s recent announcement around quantum computers cracking modern cryptography. (Specifically, the elliptic curve cryptography that cryptocurrencies use). Google now says that capability is coming not in 5-10 years, but my 2029.
That’s three years away.
This is where Algorand comes in. It’s done more to advance quantum-proof functions more than just about any other blockchain. Algorand and Zcash received the most mentions outside of Bitcoin and Ethereum, and Algorand was held as a positive example.
The ledger history is quantum proof today. And Algorand has already conducted quantum-proof transactions. They’re much slower than regular transactions, so it will likely be a “just-in-time” featured that isn’t turned on fully until its necessary.
I’ve been skeptical of how much quantum computers will be used to target crypto at all, let alone smaller marketcap chains such as Algorand. The costs of the first crypto-cracking systems will be enormous and I can’t imagine they won’t go after more lucrative targets first. ROI is a factor just as much as capability is.
And I’ve observed that news events rarely move the needle on price as much as they used to in the “olden days” of crypto. That’s likely because of less retail investment and more institutional investment.
But in this case, it seems people took the quantum warning seriously, as well as Google’s all-but-endorsement of Algorand.
How long the rally will last is an unanswered question - but Algorand holders hope it goes on for awhile.
This week’s utility crypto news
Algorand CEO Staci Warden appears on Bloomberg to discuss the network’s tokenization initiatives and recent SEC determination classifying $ALGO as a digital commodity rather than a security. Link: https://x.com/AlgoFoundation/status/2039714351167545687?s=20
Polygon becomes the leading network for USD stablecoins, processing over 178 million transactions in March and capturing 22.1% of the global stablecoin market. Link: https://x.com/0xPolygon/status/2038968865921863709?s=20
Paris Blockchain Week announces a keynote session featuring Silvio Micali, Turing Award winner and founder of Algorand, discussing crypto-less consensus and pure-ecosystem tokens. Link: https://x.com/ParisBlockWeek/status/2038916565790228494?s=20
Chainlink captures 10-20% of Polymarket trading volume within six months by delivering millisecond-accurate data feeds for real-time hedging and high-frequency finance applications. Link: https://x.com/therollupco/status/2038671591794471370?s=20
Hedera advances alignment with the EU Digital Product Passport through its TrackTrace solution while expanding Decentralized Identity infrastructure, including deployments with BEEAH in the UAE and testing by IBM and Repsol. Link: https://x.com/Tokenicer/status/2039714547205013650?s=20
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