Algorand (ALGO-USD) tokens drifted up 8.9% in Friday afternoon trading in what was otherwise another session of dull price action in the aftermath of the FTX debacle.
The global crypto market cap only gained 0.01% to about $832B at the time of writing, according to CoinMarketCap data. ALGO, in particular, changed hands at $0.29 at 4:37 p.m. ET, up 6.6% in the past five sessions, but down some 82% YTD.
ALGO is the native token of Algorand, a Proof-of-Stake blockchain that seeks to speed up transactions and lower fees, in a dynamic that many protocols have been developed to tackle amid bitcoin’s (BTC-USD) slower transaction times.
With the fallout of crypto exchange FTX triggering a domino effect within and outside of the digital asset ecosystem, bitcoin (BTC-USD), the world’s largest digital token, remained in a tight trading range as market participants stayed on the sidelines, slipping 0.3% to $16.63K.
See why Seeking Alpha contributor Mike Fay called bitcoin a buy.