NEAR Protocol, Algorand, and PowerPool Gain Excessively As Bitcoin Struggles

Sahaj  |  Sep 9, 2021

NEAR, PowerPool, and Algorand witnessed gains in excess of 37% while the wider market attempts to rebound from the sharp correction of Tuesday. On the other hand, Bitcoin is consolidating at $46K levels, after falling to the level of $43K.

NEAR Protocol, Algorand, and PowerPool Surge Notably

In accordance with the data revealed by leading market data aggregators, NEAR Protocol, PowerPool, and Algorand are the biggest gainers over the past 24 hours. 

NEAR Protocol reportedly gained 64% and being a decentralized proof-of-stake protocol, it is focused on offering faster transaction rates at a comparatively lower cost to assist in facilitating the adoption of blockchain technology.

On September 7, the price of NEAR dropped to a low of $5.44 and on September 8, it surged to $10.79 marking a 100% return in 24-hour with a surge in trading volume of 260% to a record $2.27 billion.

The recent surge in the price of NEAR comes amid the launch of the METABuild hackathon event that offered $1 million in prizes to participants.

The permissionless pure proof-of-stake blockchain, Algorand, climbed to the green zone on September 3 and managed to reach a high of 73 around 42 hours on the VORTECS Score.

Its price surged over 62% over the next three days.

PowerPool (CVP) marked a score of 76 on the VORTECS Score on September 4 and its price increased more than 98% on the next day.

Bitcoin Continues to Consolidate

Bitcoin has not shown any significant surge following the cryptocurrency crossing the mark of $51K and is currently changing hands at $46,284.

Moreover, the Bitcoin market dominance now stands at 41.9%, which is notably down from its high at the beginning of the year 2021. 

In addition to this, it should be noted that the overall crypto market capitalization now stands at $2.068 trillion, which is also significantly lower than the highs made by the crypto market earlier this year.

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