Algorand (ALGO) Price Plummets to New All-time Low

• The token’s value, however, hit a fresh record low of $0.0905 yesterday.
• According to CMC, ALGO is now trading at $0.09638 and is up 1.20% in the last 24 hours.

Algorand (ALGO) hit a new all-time low of $0.09 yesterday, reflecting a general negative trend in the market according to statistics from CMC. Since breaking below the previous set level in June, the ALGO price has been trying to find a new support level. The token’s value, however, hit a fresh record low of $0.0905 yesterday as the market tumbled.

The prominent blockchain was formerly considered “great technology” by U.S. SEC chairman Gary Gensler. However, the token’s value has dropped significantly over the last few months, most likely because of its closeness to two high-profile litigation.

Regulatory Scrutiny

When it first filed accusations against cryptocurrency exchange Bittrex in April, the SEC said ALGO was a security. In June 2023, the token dropped to an all-time low as the U.S. regulator brought up ALGO in new proceedings against Binance. In the crypto market, ALGO wasn’t the only one to take a hit this week. Major cryptocurrencies were also trading in the red.

After the bankruptcy filing of Chinese real estate company Evergrande on Friday morning, the price of bitcoin (BTC) plunged below $26,000 in a nose dive drop.

Moreover, liquidations on the futures market had reached over $1 billion, according to statistics from Coinglass. According to CMC, ALGO is now trading at $0.09683 and is up 1.20% in the last 24 hours.

On the other hand, the founder of Cardano, Charles Hoskinson last month suggested that Algorand migrate its code to Cardano. Moreover, in June this year, Algorand boasted about handling high transactions per second. The layer-1 network claimed to process an astounding 10,000 transactions per second.

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