One Currency Survives the Crypto Fall, That’s Why By Investing.com

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Investing.com – While the wave of losses, or correction as some like to call it, widened during Sunday’s trading in the cryptocurrency market, one coin, although not as large as the largest, managed to rise alone among the billion coins.

Digital currencies extended their losses amid weak trading today, Sunday, to reach more than 50 billion dollars, bringing the market value down from 2.152 trillion to less than 2.1 trillion dollars.

Algorand the best

The Algorand coin managed to register the only rise among the top 20 cryptocurrencies with the deviation of the performance of the currencies pegged to the dollar such as Binance USD BUSD, USD Coin USDC, Tether USDT.

Algorand increased during those moments by about 3% to exceed the levels of $2, while rising by more than 85% in thirty days and by more than 405% since the beginning of the year.

Algorand is trading near its all-time high, which was seen during the September 12 session at $2.37.

The market capitalization of Algorand, which comes in the 18th place among cryptocurrencies by market capitalization, is about $10.8 billion.

Reason

SkyBridge Capital has announced that it has secured $100 million for its Algorand Fund.

A few days ago, Anthony Scaramucci’s SkyBridge Capital announced at the annual SALT conference that it had applied for a crypto-linked exchange-traded fund (ETF) to expand its offering.

The SkyBridge Capital announcement also included a plan to start the Algorand Fund up to a maximum of $250 million.

Algorand is a decentralized, blockchain-based network that is self-sustaining and supports a wide range of applications.

The company’s founder, Anthony Scaramucci, who is also a former Whitehouse communications director, revealed in an interview with CNBC that he had raised $100 million for the recently announced Algorand Fund.

Anthony Scaramucci added: “His investment in his company is in excess of $700 million, and it will continue to be more than that.”

SkyBridge Capital became the latest company to introduce a crypto-focused exchange-traded fund (ETF).

The said ETF, First Trust SkyBridge Crypto Industry and Digital Economy ETF will not be directly exposed to cryptocurrencies, as they will invest about 80% of their portfolio in companies that interact with cryptocurrencies directly.

market now

The largest digital currencies abandoned the levels of $ 48,000 that were seen above them in early trading, while they fell during those moments of writing the report at levels of $ 47.3 thousand, down 2.5%.

Bitcoin lost nearly $15 billion within a few hours of trading on Sunday, as the market value fell to $889 billion from $904 billion in early trading.

Ethereum, the second largest digital currency, fell below the levels of $3.4 thousand, falling by about 4.1% to levels of $3.35 thousand, while it incurred losses of about $8 billion, bringing its market value to $392.8 billion.

Cardano fell by about 2.5 percent to $2.34, while its market value reached about $75 billion.

Binance Coin fell 2.5% to $406.7, and fell 2.2% to $1.06.

While the seventh largest digital currency in the market fell by 1% at levels of $ 160, while its market value is $ 47 billion.

While Bulka, which advanced over the Dogecoin, decreased by 5.6%, down to levels of $33.7, with a market value of $33 billion.

It fell 2.7% to $0.2364, while its market value fell to $31 billion, and it comes in the ninth place in terms of market value.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.





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