Algorand was one of the market’s worst-hit cryptocurrencies following its new SEC categorization. While 55 new cryptocurrencies were added to the regulator’s list of securities, Algorand was one of the only projects to crash in value by over 30%.
While Algorand is now recovering, its value remains 20% lower than at the start of the month, forcing holders to switch to Solana and Collateral Network to boost their portfolios and make up for losses.
Algorand Is Down 20% Post Recovery
Algorand trading activity dropped exponentially after the project’s value crashed from $0.151 to $0.1113. Its price has since started to recover, though Algorand remains 20.43% lower than at the start of June. At the time of writing, Algorand was trading at $0.1271, and daily trading activity had dropped by 21.45% to $30.1 million.
Although Algorand still has a lot of potential, the greater regulation of being a security has caused many investors to sell their Algorand holdings for more lucrative, decentralized projects.
Algorand’s latest upgrade has made the project significantly faster, reducing block time to roughly 3.3 seconds, a speed increase of almost 10%. However, this news has done little to Algorand’s value, which has caused remaining holders to question whether or not Algorand can still succeed as a security.
Solana Recovery Slows Despite Reinvestment News
Solana has also been classed as a security, though the project is starting to recover. In the last five days, Solana has increased in value by 7.31% and is now trading at $16.75. This recovery has been triggered by two recent announcements.
Firstly, the Solana CEO announced that $1 billion would be reinvested into the Solana blockchain, which could help take the blockchain’s applications to the next level.
Secondly, the Indonesian regulatory board announced that Solana would be accepted as a legal cryptocurrency in the country. With a population of 277 million, this is a huge opportunity for Solana to increase its user base, as Solana is significantly more affordable than many of its competitors.
Collateral Network Could Surge 100x During The Next Bull Run
Collateral Network is an innovative new project that lets users and SMEs unlock liquidity against physical assets on the blockchain. This formally untapped market is one of the fastest-growing in the world, though its systems are significantly outdated.
Built on the Ethereum blockchain, DeFi users can use Collateral Network to take a loan against their physical assets to unlock liquidity. The idea behind the project is to overhaul many of the traditional systems and red tape that make the crowdlending process inconvenient.
Collateral Network’s marketplace will accept a range of assets, including real estate, premium vehicles, yachts, jets, Rolex watches, and more, all of which will be valued using AI to guarantee the best rates. By using NFT fractionalization, Collateral Network mints NFTs that represent the physical asset, and by fractionalizing allows multiple investors to fund the loan.
Investors who lend funds for a loan will be rewarded with weekly passive income, allowing them to scale how much they earn based on the amount they lend. With a detailed roadmap in place and an experienced team building the project, investors are extremely excited to see how quickly the project will scale.
Collateral Network tokens are currently selling at $0.0277 (already up 177%), though they are predicted to rise to $0.35 before the end of the COLT presale. Once finished, analysts expect Collateral Network to surge an additional 100x as the project begins to take over the crowdlending market.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
Presale: https://presale.collateralnetwork.io/register
Telegram: https://t.me/collateralnwk
Twitter: https://twitter.com/Collateralnwk
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
