- Algorand price posted double-digit gains overnight after FIFA announced its first official US blockchain sponsor.
- FIFA is set to create its own cryptocurrency strategy for issuing NFTs with the help of Algorand.
- Analysts predict a continuation of Algorand’s uptrend and believe the token could climb higher.
Algorand price breaks out in response to FIFA World Cup sponsorship news. This is the first time in a decade that the FIFA World Cup has an official blockchain sponsor from the US.
FIFA World Cup 2022 welcomes blockchain sponsor Algorand
The Algorand network has witnessed an explosive breakout as the project became Qatar's official blockchain technology partner of the 2022 FIFA World Cup. The deal also extends to the 2023 Women’s World Cup in Australia and New Zealand.
The smart contract platform’s role in the partnership is to assist FIFA in developing a digital strategy, NFTs and blockchain-supported wallet solution. The Algorand blockchain was chosen as sponsor since it prioritizes scalability and efficiency as a pure proof-of-stake, unlike most other protocols.
As the first US-based sponsor of the soccer World Cup since 2011, Algorand has shattered a decade-old record and hit a key milestone for its holders. The event is important as it is considered one of the most significant sporting events in the world, with over 1.1 billion people interacting with it, viewing or competing.
Proponents have evaluated the Algorand price chart and witnessed a double-digit gain overnight, wiping out losses from the past few weeks.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
Analysts have set a target of $0.93 for Algorand price as the social and on-chain activity in the token explodes. @Pinnacle_Shail, a pseudonymous crypto trader, recommended followers to accumulate ALGO, revealing a bullish long-term outlook in Algorand price.
$Algo #Algorand
— Pinnacle_Shail (@Pinnacle_Shail) May 3, 2022
$0.7260
But now in spot & on every 25-30% drop add more
For long term hold
Long term= minimum 18-24-36 months#DYOR pic.twitter.com/eC5U3ZzUiD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.