Over the past four weeks, the crypto market has witnessed one of the worst crashes as the US Federal Reserve is on the verge to increase the interest rates due to surging inflation.
In the early hours today, the largest crypto by market cap had crashed hitting the $35,000 range. But now the currency has slightly moved upwards after reclaiming the $36,000 range.
However, Tron (TRX), Monero (XMR), and Algorand (ALGO) have exceeded the 50 largest cryptocurrencies in terms of bullishness leaving behind the bear market.
On the flip side, Bitcoin (BTC) and Ethereum (ETH) are still on a red note declining by 0.48% and 0.38% in the last 24hrs.
When looked at the best performing cryptocurrencies over the last 24hrs, ALGO, the native cryptocurrency of Algorand, a namesake Blockchain stands first. At the moment, Algorand is up by 12.88% in the last 24hrs trading at $0.74
The main reason for Algorand to see such a massive surge is the blockchain entering into a partnership with the 2022 FIFA World Cup in Qatar. Now, Algorand being the official partner of this year’s FIFI World Cup, the blockchain is expected to attract huge popularity through this deal, due to media exposure and sponsorships.
After the launch of the new Tron-based stablecoin, USDD, Tron blockchain’s native coin, TRX has gained huge popularity.
The purchase of about $39 million of TRX by Tron blockchain from the open market, has pushed the token to gain 6.3%. At the press time, TRX is trading at $0.84
At present, USDD is offering a 30% annual yield and this, in turn, benefits TRX. Hence, TRX has now gained 30% per week.
One of the largest privacy coins, XMR has surged by almost 4% trading at $211. The token found an uplift this week hoping for more mining security.
In the next 30 days, this Blockchain is set to launch a tail emission to control mining fees, which will also ensure minimum mining rewards of 0.6 XMR for every block that is mined.