Since the beginning of 2022, the Algorand (ALGO) blockchain has added more than 6 million new accounts to its network. This shows that investors are interested in cryptocurrency assets and believe in their potential.

The total number of Algorand accounts at the beginning of the year was 17,373,299. According to AlgoExplorer, that number is now 23,548,065. That's a 35% increase since the beginning of the year.

According to expert Ana Nicenko, one of the reasons for the significant increase in interest in ALGO may be a major technical upgrade of the network, which will allow Algorand-based products to operate in other blockchains and low-power environments such as cell phones. phones and smartwatches.

In addition, she highlighted Algorand's desire to introduce the London Bridge, a bridge that will connect the platform to Ether (ETH). For this purpose, the software development company Applied Blockchain received a grant from the Algorand Foundation in February 2022.

"It's also worth noting that the Algorand Foundation itself appointed a new CEO just days before the grant was announced. It was former JPMorgan Chase executive Staci Warden. She brings a wealth of experience from her work at Nasdaq, the U.S. Treasury and the Milken Institute," he said.


Another factor that may drive Algorand is the integration of ALGO into the assets of Grayscale Investments.

"It's worth noting that Algorand started the new year the right way, long before the grayscale news release. Anthony Scaramucci, founder of alternative investment firm SkyBridge Capital and former White House communications director, praised Algorand and envisioned its future as the 'Google of cryptocurrencies,'" Nichenko noted.

However, in the short term, ALGO is unable to resist the selling pressure in the cryptocurrency market. This is because, at this point, the token has fallen by 13% in the last 7 days.