Algorand (ALGO) is currently the best performing cryptocurrency in the daily charts among the top 100 projects by market cap. According to CoinGecko data, ALGO’s price has surged 19.2% in the last 24 hours, 13.7% in the last week, 3.9% in the 14-day charts, and 14.6% over the previous month. However, the asset is still down by 45.6% since early April 2025 and more than 97% from tis all-time high of $3.56, which it attained in June 2019, nearly seven years ago. Let’s discuss why Algorand (ALGO) is experiencing a price rally today, and if the tide has finally changed for the asset.
What’s Behind Algorand’s Price Rally?
Algorand’s latest upswing could be due to the project being mentioned by Google’s quantum computing paper. The paper claims that a future quantum computer could break Bitcoin’s (BTC) private keys in under 9 minutes, a full minute less than BTC’s average block time. However, the paper notes that Algorand is an example of post-quantum cryptography. Algorand being mentioned by Google for its readiness for a post-quantum computing world may have boosted investor sentiment.
Also Read: Quantum Computing May Break Bitcoin Keys In 9 Mins: Google
Another factor that may have led to Algorand’s (ALGO) price rally is the recent classification of the asset as a “digital commodity” by the SEC and CFTC. The classification may have further boosted confidence among market participants. Regulatory clarity is a key driver behind investor confidence, and the SEC and CFTC’s move may have led to increased faith in the asset.
Despite the recent upswing, there is a chance that Algorand (ALGO) will face a correction over the coming days. The crypto market is still weak and overall risk appetite among investors is still low. Investors could book profits and move their assets to other safer bets.
However, there is also a possibility that the rally could continues. President Trump has said that the US-Iran war could be coming to a close. If tensions cool off, investors could increase their risk exposure. Such a move could lead to Algorand (ALGO) continuing its price rally over the coming weeks.
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