Algorand’s weekly on-chain activity soars 60% while most coins stagnate

Amid market-wide consolidation and stagnation in the cryptocurrency sector, some assets have stood out in their on-chain activity, including the pure proof-of-stake (PoS) network Algorand (ALGO), which has been adding active addresses at a time when most cryptos have been idle or even declining.

Indeed, Algorand has shown strong growth week-over-week, with ALGO daily active addresses rising as much as 60%, according to the data assembled by crypto market analytics company CoinMetrics and published on October 18.

As data demonstrates, Algorand’s seven-day average is 104,000 active addresses, second only to Litecoin (LTC), which increased the amount of its on-chain activity by 75%, with an average of 378,000 daily active addresses.

Lack of activity across landscape

By comparison, Ethereum (ETH) and Bitcoin Cash (BCH) both advanced their on-chain activity by only 6% (557,000 and 53,000), whereas Ethereum Classic (ETC) and Bitcoin (BTC) declined by 7% (28,000) and 1% (887,000), respectively. 

The biggest ‘loser’ in the group was the open-source blockchain network Internet Computer (ICP), which declined by 23% week-over-week, having only 3,000 daily active addresses.

In terms of other types of digital assets, ICP is joined on the bench by stablecoin Gemini Dollar (GUSD), which lost 32% on its weekly on-chain activity, featuring fewer than 1,000 active daily addresses.

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Summary metrics of digital assets’ adoption, economics, and usage. Source: CoinMetrics

Algorand price analysis

Meanwhile, Algorand’s token was at press time trading at $0.3143, representing a decline of 2.38% over the previous 24 hours, as well as 1.50% compared to seven days before. 

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Algorand 7-day price chart. Source: CoinMarketCap

At the same time, ALGO’s market capitalization currently stands at $2.20 billion, making it the 30th-largest cryptocurrency by this indicator, as per CoinMarketCap data retrieved by Finbold on October 19.

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