As Bitcoin keeps pushing higher and word comes in that privacy coins Monero, Dash, and Zcash may be joining XRP in delisting hell with the sudden announcement from Bittrex (which you can read more about here on Coindesk), another coin is quietly booming as the new year begins: ALGO

I've reviewed Algorand and its token previously on PublishOx and how I felt it had great potential to carve out a space in the greater market, but this jump surprised me as there hasn't been much new news that had not already been previewed before. There's been an expansion in use with projects like Planetwatch coming onto the chain but the question remains; is this a momentary pump or a sign of accelerating support.

We can see here from Coinmarketcap that by the afternoon of Jan 1st volume in ALGO has jumped by over 400% in the previous 24 hours:

Now it's possible some of the money being moved out of Ripple and the privacy coins may be flowing into ALGO, but that feels a bit odd as they aren't really in the same category of use. Nor is there a run on major software platform tokens at this moment as ETH, XTZ, TRX, ADA, ATOM, and EOS are all relatively stable compared to the gains ALGO made today. The expansion of Algorand's staking onto popular exchanges like Coinbase have certainly brought more attention to the token as well as its push into DeFi so it's possible we've finally hit an inflection point and Algorand will start attracting much more interest.

I was already bullish on Algorand but I'm not yet sure if this is the beginning of a long run or a momentary spike. We're still a ways off from its recent high of $0.76 in mid August of 2020, but if it maintains $0.40 as the new support level over the next few weeks we could be looking at a steady run up for the first quarter of '21.