Why is Algorand price rising today?

While the general crypto market started today with a decline, Algorand (ALGO) has registered a 13.64% rise over the past 24 hours. At press time, Algorand (ALGO) was trading at $0.3630.

But why is Algorand price going against the general market trend that shows the majority of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) in the red?

Here is a sneak peek into the behind-the-scenes or the factors propelling ALGO price higher today.

Why ALGO price is surging

Today’s price rise comes after Algorand announced yesterday that State Proofs are now available on the Algorand blockchain, which is one of the most important technical accomplishments for the blockchain.

The State proofs enable Algorand blockchain to digitally sign any message in a truly decentralized manner and according to the co-founder Silvio Micali, also fosters the blockchain’s safety against quantum attacks.

Following the introduction of the state proofs, Algorand claims that it can now process 6,000 transactions per second which is quite a high throughput considering that most of the popular financial services like Mastercard can only handle about 5000 transactions per second.

Algorand will now be able to reach finality and block formation in only a record 3.7 seconds.

Algorand’s price surge after the introduction of the state proofs is a stark contrast to Ethereum’s price slump after its Merge upgrade.