The crypto market saw one of its worst crashes ever last week amid rising inflation and concerns over interest rates. Although the losses in its market seem to have stabilized after a two-week decline, the TRX, XMR and ALGO major altcoin projects seem to lead the market with huge news.
Algorand rallied over 11%
ALGO, The best performing altcoin in the last 24 hours. It’s trading close to weekly highs at $0.7084, up over 11 percent. The bullish momentum behind ALGO comes from becoming an official partner for the 2022 FIFA World Cup in Qatar. The news sparked a three-day rally, with the price peaking at 0.7342.
Blockchain could gain a huge boost in popularity through the FIFA deal that will make headlines and sponsorship. ALGO is helping football organization develop cryptocurrencies…
TRX is the best performing altcoin this week, up 30%
TRX will be backed by a $10 billion reserve, as we reported on Kriptokoin.com largely supported by the launch of USDD, a new Tron-based stablecoin. Tron bought around $39 million worth of TRX on the open market to bolster its reserve, giving the token a 6.3% increase in the last 24 hours. TRX is currently trading at $0.083.
USDD currently offers a 30% annual return, far higher than any other stablecoin in the market. TRX, on the other hand, gained over 30% this week, outperforming the crypto market broadly as a result.
backed by mining upgrade plans, XMR, the largest privacy-focused coin, reached $218.81, up nearly 6%. While falling significantly from April highs, this week is supported by the prospect of greater mining security.
Blockchain will introduce an emissions upgrade in the next 30 days to limit mining fees. It will also provide a minimum mining reward of 0.6 XMR for each block mined. XMR prices had responded positively to the news.