Why Algorand Was Skyrocketing Higher Today

Many cryptocurrencies are down sharply over the last 36 hours, but cryptocurrency Algorand (CRYPTO: ALGO) didn't get the memo. As of 1:15 p.m. EDT, Algorand tokens were up a whopping 43% over the past 24 hours, according to CoinMarketCap. The same source also now ranks Algorand as the 20th largest cryptocurrency in the world by market capitalization. 

There isn't a definitive catalyst for Algorand today but there is a correlated event that could explain the move. El Salvador made headlines yesterday when Bitcoin became legal tender alongside the U.S. dollar. However, while Bitcoin stole the headlines, Algorand was also busy at work in El Salvador behind the scenes. 

Image source: Getty Images.

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Source Fool.com