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ALGO, an altcoin by the Algorand blockchain with a market cap of $1.18 billion, continues to feel the effects of the intense selling pressure that caused its price to crash last month. After trading within a narrow region from May to November that saw it establish $0.28 as its range low, the cryptocurrency devalued by 34% in December and found itself going all the way down to $0.163 – a marker that ended up being the asset's current support zone.

The past ten days of trading did not see much price action develop, as most assets in the crypto markets traded within a tight range. Preceding this calm, a bearish storm had been raging for many altcoins.

A popular crypto analyst is ranking Cosmos (ATOM) and Algorand (ALGO) among his top five altcoins to invest in during a recession.

The cryptocurrencies that performed the worst this week are the following altcoins.

Algorand's Pure Proof of Stake (PPoS), which utilizes a Proof of Stake (PoS) variant, puts an emphasis on fairness and decentralization while choosing validators in an anonymous, random manner.

The $HDUP cryptocurrency will power the HedgeUp platform, allowing users to earn passive income from alternative investment instruments such as wine, diamonds, aviation, gold, fine art, and luxury watches

The Fear and Greed Index is 29 Fear and is +3 from yesterday's reading of 26 Fear

Algorand [ALGO] found brief support at $0.1809 after a sustained downtrend since early November. At press time, ALGO was trading at $0.1924 and could move higher if the bulls maintained their momentum.

The layer 1 technology was chosen to be the blockchain to underpin an Italian digital assurance platform, which led to a 3% increase in value for Blockchain Protocol Algorand (ALGO) on Tuesday (13 December).

Bitcoin (CRYPTO: BTC), the most valued cryptocurrency in the world, recorded losses, but traded above the key $17,000 level on Friday. The Federal Reserve, on Wednesday, raised its target fed funds rate by 0.5% to a new range of between 4.25% and 4.5%, in light with expectations from Wall Street.

Italy will use public Blockchain to support new surety platform

Very curious comparison between SHIB and ALGO, seemingly inexplicable

Algorand has been selected as the blockchain to support an innovative digital guarantee platform for Italy's banking and insurance markets. Cryptocurrencies are now gaining more popularity and adoption.

Blockchain layer-1 platform The Italian banking and insurance industries will adopt an “innovative digital guarantees platform,” which will be supported by the public blockchain Algorand.

The Layer-1 blockchain technology protocol Algorand has been chosen as the public blockchain to support bank and guarantees insurance in Italy.  First Blockchain As Digital Guarantee In EU The Algorand-supported digital guarantees platform will be used in Italy's banking and insurance markets and will be launched in early 2023.

This is the first time an EU Member State will use blockchain technology for bank and insurance guarantees, according to Algorand.

The Bank of Italy has chosen Algorand to serve as its public blockchain platform. The platform, due to roll out early next year, will be the first time a European Union nation uses blockchain technology for bank and insurance guarantees, Algorand said in a news release Tuesday (Dec. 13).

Low cost and double fees for loss protection

The cryptocurrency has been going north despite only making slight gains.

India's MAPay has launched an NFT-based health data storage system on Algorand.

The Algorand price was on an upward trajectory in early November before reports of the FTT token struggle and the eventual collapse of the FTX

Cryptocurrencies are experiencing unprecedented volatility as of late, with Ethereum (ETH) and Algorand (ALGO) both seeing notable price fluctuations. With so much invested in these digital assets, it's crucial to have a solid understanding of the current volatility, and what tokens like Orbeon Protocol (ORBN) have to offer, and what might make it a better investment option, such as ORBN's forecasted 6000% growth.

The ever evolving cryptospace is home to a myriad of digital assets and protocols. One such emerging protocol is Algorand, which has managed to establish is reign in the industry. The network is built on the Pure Proof of Stake consensus mechanism. ALGO is a native token of the platform.

The Algorand price has been positive over the last 24 hours. Despite minor gains, the altcoin has been moving north.