Algorand is the latest layer 1 blockchain to be reassessed by the market, with a big push as Ethereum‘s scaling issues persist.
The smart contract platform was up 59% this morning to a more than two-year high of US$2, leapfrogging eight currencies to become the 17th most valuable cryptocurrency.
There was no evident single cause for the shift, however Galaxy Digital CEO Mike Novogratz tweeted a favourable message about the Algo last night.
Meanwhile, Solana has maintained its continuous march forward, surpassing $200 and surpassing Ripple Labs’ XRP coin to become the No. 6 crypto.
It was up 18.6 percent to US$207, and it hit an all-time high of US$211 earlier this morning, just nine days after breaking the $100 barrier.
Even as Bitcoin fell, other high-performance blockchain systems were on fire.
IOST, the 77th most valuable cryptocurrency, increased 41.6 percent to US7.7c.
Near Protocol, the No. 35 coin, increased by 24.6% to an all-time high of $11.27.
Hedera Hashgraph, Harmony, and Fantom were all up by 10% to 15%.
Since late August, when Solana began its parabolic climb, layer 1 blockchains have been rising.
Because of his performance, traders may be looking for the “next Solana.” There may also be a sense that the long-awaited releases of Ethereum scaling solutions Arbitrum One and Optimism have been underwhelming, prompting the market to consider other options.