Algorand Is Outperforming After a 15% Jump. Here’s Why

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Algorand Is Outperforming After a 15% Jump. Here's Why
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Key Takeaways

Algorand has rallied 15% after revealing its appointment of Michele Quintaglie as its new Chief Marketing Officer.
Quintaglie boasts expertise at a few of the world’s prime companies, together with Visa, Fidelity, and Raytheon Technologies. 
Thanks to its partnership with main soccer federation FIFA, Algorand is having fun with elevated curiosity within the lead-up to the World Cup in November.

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Algorand is considered one of solely a handful of cryptocurrencies within the inexperienced after the Federal Reserve raised U.S. rates of interest by 75 foundation factors yesterday.

Algorand Defies the Market

Algorand has employed a new CMO. 

The firm behind the self-styled “sustainable blockchain” introduced Wednesday that it had employed Michele Quintaglie as its new Chief Marketing Officer. Quintaglie joins Algorand’s new interim CEO, Sean Ford, after the agency’s earlier CEO, Steven Kokinos, left the place in July.

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Quintaglie boasts expertise at a few of the world’s prime companies, together with positions as Head of Communications at each Visa and Fidelity, in addition to Head of Global Media Relations and Public Affairs at Raytheon Technologies. 

Algorand seems to have reacted favorably to Quintaglie’s appointment. Since the information broke yesterday, the ALGO token has jumped greater than 15%. It’s considered one of solely a handful of cryptocurrencies within the inexperienced after the market’s response to the Federal Reserve’s 75 foundation level rate of interest hike.

ALGO/USD chart (Source: CoinGecko)

However, regardless of at the moment’s optimistic value motion, Algorand continues to be in need of its bull market peak. ALGO briefly reached a excessive of round $2.98 in November 2021 however has misplaced a lot of its worth as crypto and shares tumbled all through 2022 in response to rate of interest hikes from the Federal Reserve and worsening macroeconomic circumstances. 

Another Tailwind 

Yesterday’s appointment of a new Chief Marketing Officer will not be the primary tailwind for Algorand in current months. 

In May, Algorand secured a partnership with the world’s premier soccer federation, FIFA. The ALGO token obtained a bullish enhance after FIFA introduced Algorand would turn into the group’s official blockchain platform, serving to it acquire broader publicity. 

Since the FIFA partnership, Algorand has loved elevated curiosity each from buyers and soccer followers. Earlier this month, FIFA revealed “FIFA+ Collect,” a new platform that may permit soccer followers to personal distinctive digital collectibles of probably the most iconic moments from FIFA World Cups matches. Per the current partnership, FIFA+ Collect makes use of the Algorand blockchain to confirm proof of possession. The FIFA+ Collect market went stay Thursday, which can have contributed to ALGO’s rise alongside the recruitment announcement. 

Elsewhere, different soccer-focused crypto choices are additionally outperforming the broader market. Chiliz, a blockchain that lets customers mint fan tokens for prime European soccer golf equipment, has seen its native CHZ token soar within the lead-up to the FIFA World Cup in November. CHZ is up over 183% from its June lows, whereas fan tokens for golf equipment corresponding to F.C. Barcelona and Manchester City have additionally produced notable good points. 

Whether Algorand will proceed to profit because the World Cup attracts nearer will not be but clear. With such an unstable financial backdrop, property corresponding to cryptocurrencies that occupy the far finish of the danger curve can be most weak within the occasion of a recession. Still, Algorand seems to be creating a stable basis by bringing on prime expertise and forging main partnerships. As such, it’s going to doubtless be well-positioned if the crypto market begins to get better sooner or later. 

Disclosure: At the time of scripting this piece, the creator owned ETH, BTC, and a number of other different cryptocurrencies.

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