Due to macroeconomic conditions, the decline in the crypto money markets continues at full speed. While Bitcoin is trading at $ 18 thousand 753, falling below $ 19 thousand, Ethereum is bought and sold at $ 1265 with a decrease of 4.44 percent in the last 24 hours. The local asset of the Algorand network, ALGO, on the other hand, appears to be rising unaffected by the declines in the Bitcoin, Ethereum and the rest of the cryptocurrency markets.

ALGO stands out with more than 11 spikes recorded in the last 24 hours at the time of writing, despite the massive selling pressure seen in the rest of the altcoin markets. It is seen that ALGO has increased its value by 17.50 percent and approximately 20 percent in the last 7 days and the last 30 days. It is speculated that this exit of ALGO, the local presence of the Algorand network, is due to the fact that Mastercard, one of the largest payment providers in the world, passed 5,000 transactions per second.

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Using the Proof of Stake mechanism, the team behind Algorand Blockchain is busy working hard on decentralization, security and scalability without any compromise. In addition, environmental sustainability is seen as the most attractive aspect of the protocol. On the other hand, on September 21, Algorand achieved one of its major technical achievements and introduced its proof-of-stake mechanism. The consensus algorithm, called Proof of State, gives the blockchain the ability to digitally sign any transmitted message in a truly decentralized way. According to Algorand co-founder Silvio Micali, proof-of-stake allows the use of decentralized bridges for other blockchains while keeping the blockchain secure against quantum attacks.


More importantly, it was claimed that the Algorand network can now process 6,000 transactions per second. In contrast, Mastercard, one of the popular payment providers, was claimed to be able to process only 5,000 transactions per second, thus defeating Mastercard by the Algorand network.

Algorand's latest breakout during the cryptocurrency market crash came as a big surprise to Ethereum's fall after The Merge update. While the Ethereum network dropped 20 percent after the successful The Merge, Algorand's rise of close to 20 percent after technical developments confused investors.