- Algorand kicked off 2023 on a positive note with one billion transactions on its network
- Decentralized projects helped ALGO reach its monumental landmark
Algorand [ALGO] is off to a great start in 2023. The network just crossed the one billion transactions milestone, which is a big deal as far as utility is concerned. But what does this all mean for Algorand and ALGO?
Are your ALGO holdings flashing green? Check the profit calculator
Algorand reaching one billion transactions is a testament to its utility over the years. This also translated to a healthy adoption rate as well as a robust amount of value coming into its ecosystem. Also noteworthy was the fact that Algorand achieved this impressive feat with no downtime, even at sustained high loads.
1 BILLION TRANSACTIONS!
"The @algorand #blockchain has just processed its one billionth transaction thanks to a period of sustained high load and the network behaved smoothly, as it is built for" – @GaryMalouf, Head of Engineering.$ALGO fam, stay tuned for a surprise soon 👀 pic.twitter.com/fpwKbQtcV9
— Algorand Foundation (@AlgoFoundation) January 3, 2023
Algorand could achieve the milestone thanks to healthy adoption and onboarding of decentralized projects. Among those projects is Dequency, a music licensing marketplace that might be pivotal in shaping the evolution of the music industry in the decentralized space.
Algorand also announced the integration of Dequency into Stripe payments on 3 January.
Musicians can now decide whether their licenses can be purchased with cards, crypto, or both.
Read more: https://t.co/ssNpc8lLTm
— Algorand (@Algorand) January 3, 2023
The move will allow artists in the music industry to decide whether their licenses will be sold through either cash or crypto. Perhaps even both. But more interesting is that Dequency has the power to tap into robust growth through the music industry.
Algorand growth on multiple fronts
Algorand’s prospects in January are not only looking good on the adoption front but also in terms of development. The network ended in December with a drop in development activity. However, it kicked off with a development activity uptick.
This surge in development activity might be perfectly timed to boost investor confidence. That seems to be the case, considering the demand for ALGO in the derivatives market. Both Binance and DYDX funding rates have achieved noteworthy improvements so far this week.
How many ALGOs can you get for $1?
But can these factors support a favorable price action? Well, ALGO delivered a 16% upside in the last six days after pivoting from its 2022 lows. It traded at $0.18 at press time, but now the real question is whether it can sustain the rally.
ALGO’s price uptick reflected a surge in money inflow, as indicated by the Money Flow Index (MFI). The current trajectory demonstrates significant strength as indicated by the Relative Strength Index (RSI), but it is now in the 50% RSI range.
There also stood the potentially of some profit taking near this range and a potential reversal. On the other hand, there could be more upside if the bullish sentiment remained.