Crypto News

Here’s Why Algorand Outperforms After A 15% Jump

The Layer 1Blockchain defied the broader crypto market on Thursday after announcing the appointment of Michele Quintaglie as chief marketing officer.

The central theses

  • is up 15% after announcing the appointment of Michele Quintaglie as the new Chief Marketing Officer.
  • Quintaglie has experience at some of the world’s leading companies including Visa (NYSE:), Fidelity and Raytheon Technologies (NYSE:).
  • Thanks to its partnership with the leading football association FIFA Algorand increased interest ahead of the World Cup in November.

Algorand is one of only a handful cryptocurrencies in the green after the Federal Reserve hiked US interest rates by 75 basis points yesterday.

Algorand defies the market

Algorand has hired a new CMO.

The company behind the self-proclaimed “sustainable blockchain” announced on Wednesday that it had hired Michele Quintaglie as its new chief marketing officer. Quintaglie joins Sean Ford, Algorand’s new interim CEO, after the company’s previous CEO Steven Kokinos left the position in July.

Quintaglie has experience at some of the world’s leading companies, including positions as head of communications at Visa and Fidelity and head of global media relations and public affairs at Raytheon (NYSE:) Technologies.

Algorand appears to have responded favorably to Quintaglie’s appointment. Since the news broke yesterday, the ALGO token is up more than 15%. It is one of only a handful of cryptocurrencies in the green after the market reacted to Federal Reserve interest rates of 75 basis points.
Here’s Why Algorand Outperforms After A 15% Jump, Crypto Trading News
However, despite today’s positive price action, Algorand is still close to its bull market-Climax. ALGO briefly peaked around $2.98 in November 2021, but has lost much of its value as crypto and stocks plunged throughout 2022 in response to Federal Reserve rate hikes and deteriorating macroeconomic conditions.

Tailwind again

Yesterday’s appointment as chief marketing officer isn’t the first tailwind for Algorand in recent months.

In May, Algorand secured a partnership with the world’s leading football governing body, FIFA. After FIFA announced that Algorand would become the organization’s official blockchain platform, the ALGO token received an upward trend and helped it gain a wider exposure.

Since the FIFA partnership, Algorand has enjoyed increased interest from investors and football fans. Earlier this month, FIFA introduced FIFA+ Collect, a new platform enabling football fans to own unique digital collectibles of the most iconic moments from FIFA World Cups.

According to the recent partnership, FIFA+ Collect uses the Algorand blockchain to verify proof of ownership. The FIFA+ Collect Marketplace went live on Thursday, which, alongside the announcement of its discontinuation, may have helped ALGO’s rise.

Elsewhere, other football-focused crypto offerings are also outperforming the broader market. Chiliz, a blockchain that allows users to mint fan tokens for Europe’s top soccer clubs, has skyrocketed its native CHZ token ahead of November’s FIFA World Cup. CHZ is up over 183% from its June lows, while fan tokens for clubs like FC Barcelona and Manchester City have also seen notable gains.

Whether Algorand will continue to benefit as the World Cup approaches is not yet clear. With such an unstable economic environment, assets like cryptocurrencies, which are on the other end of the risk curve, are the most vulnerable in the event of a recession.

Still, Algorand appears to be laying a solid foundation by bringing in top talent and forging important partnerships. As such, it will likely be well positioned for when the crypto market starts to rally in the future.

Source: Crypto News Deutsch

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