Algorand Price Correlation

    Q109. Is the price of Algorand more closely correlated with the crypto market, and assets such as BTC or ETH, or is it more correlated with network usage such as number of transactions or ALGO transfers?

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    Introduction

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    What Is Algorand?

    Algorand (ALGO) is both a digital currency and blockchain platform. The Algorand platform is designed to process many transactions quickly, similar to a major payments processor like Mastercard or Visa. Algorand can host other cryptocurrencies and blockchain-based projects, making it a direct competitor to Ethereum. ALGO, the platform's native currency, is used to secure the Algorand blockchain and pay processing fees for Algorand-based transactions.1

    Algorand is an open-source blockchain, meaning that anyone can view and contribute to the platform's code. Algorand uses an operating protocol called pure proof-of-stake (PPoS), which recruits network operators from the entire pool of ALGO coin holders.

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    Methodology

    In this dashboard i show you the price of top coin of market and the transactions of each chain to see so that have between this tow a relationship or not

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    All data used are from Flipside Crypto
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    Conclusion

    The nature of the cryptocurrency market is volatile, meaning it is always volatile, and the extent of this volatility is very high.In recent times, we have seen the market fall and the prices of digital currencies are very much related. Network traffic has increased since the downturn began