Algorand inches closer to $2B market cap recoup, details inside
- The ALGO price increased as it helped the market cap to exceed $1.6 billion.
- The project’s foundation took steps toward mounting a notable presence in India.
The market capitalization of Algorand [ALGO] surpassed $1.6 billion on 29 March, following an increase in cryptocurrency’s value.
The move which drew the self-sustaining blockchain project close to reclaiming the $2 billion mark it lost since the market downturn in 2022, meant that the token now had an increased percentage of the circulating supply in the market.
How much are 1,10,100, ALGOs worth today?
Responsibilities accompanied by hikes
ALGO, whose network supports a wide range of blockchain-based applications, had struggled to remain in the limelight since its 75.91% drawdown from its ATH. But like other assets, the new year brought it some sort of respite.
But before the hike, Algorand Foundation took steps to lengthen where the project operated. And according to The Hindu BusinessLine, India was its next stop. The move to have an Indian wing was to help Algorand achieve three of its primary objectives.
As reported by the local media, the blockchain aims to expand its developer base by offering real-world utility. It also considered investing in India’s web3 ecosystem.
The expansion, also known as AlgoBharat, would also foster strategic collaborations between Algorand and major Indian blockchain players. Meanwhile, the foundation’s Vice President Anil Kanani also commented on the development.
More grounds, increased taxes
Kanani, who acts as an adviser for India at the U.S. Treasury, noted that the web3 ecosystem in the country was already active. And this formed part of the reason the Foundation decided to establish a franchise there. According to reports from Business Insider, the VP said,
“Blockchain use cases that have the greatest real-world utility are happening here in India”
The move represents the second major announcement by Algorand this week. Earlier, the project announced that it was working to assist developers to build more applications.
Read Algorand’s [ALGO] Price Prediction 2023-2024
However, India remains a highly-regulatory environment for crypto organizations. But Nikhil Varma, who heads the AlgoBharat project mentioned that it was not a problem for the company’s operations. He added:
“Bringing India’s Web3 companies under the prevention-of-money-laundering rules for clarity with [know-your-customer] and [anti-money laundering] laws is a sign of institutionalizing the space and we think it’s positive”
In addition, Algorand’s sojourn in the country means that India can record more in crypto taxes. On 28 March, CNBC reported that the tax collected in the 2022 to 2023 fiscal year exceed $19 million. As of this writing, ALGO’s value was $0.225 with about 7.13 billion tokens in circulation.