Algorand (ALGO) found itself in an unexpected position as one of the 15 worst-performing cryptocurrencies among the top 200 by market value last year. ALGO, which joined the ranks of crypto assets like The Sandbox (SAND), Flow (FLOW), Flare (FLR), and Wemix (WEMIX), faced difficulties and setbacks in the crypto market. According to data from August 18, as a result of this steep decline, ALGO reached its all-time low of $0.0838 on August 17.
ALGO Among the Tokens Targeted by the SEC
Crypto market expert Ali Martinez sarcastically commented on ALGO’s recent decline, praising U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler for his great work in protecting investors.
Martinez also shared a video of Gensler’s speech at the MIT Sloan Idea Exchange in 2019. The conference took place at the prestigious school where Gensler was once a professor.
During his speech, Gensler made positive remarks about Algorand and its founder Silvio Micali. In his 2019 speech, Gensler said:
Working with Turing Award winner Silvio Micali at MIT, Algorand, Silvio has a great technology that has performance. You can build Uber on top of that.
However, Gensler’s support for the altcoin was short-lived, as ALGO became one of the many crypto tokens targeted by the SEC in lawsuits against Binance and Coinbase in June. The previous all-time low for Algorand came shortly after the lawsuits were filed.
Considering Gensler’s previous statements about Algorand and the SEC’s subsequent actions, a significant portion of the crypto industry accused Gensler of being a former supporter of Algorand and Micali.
ALGO Price Analysis
At the time of publication, ALGO was trading at $0.096, down 7.45% in the last 24 hours. As seen in the chart below, the cryptocurrency has recovered somewhat after reaching its all-time low.
Last week, Algorand experienced a decrease of more than 14% and over 17% within the month, resulting in a loss of approximately $130 million in market value. Last year, ALGO had the worst performance among the top 200 cryptocurrencies by market value, with a decline of over 72%.
However, despite this new record low for ALGO, the token did not close below the $0.11 basic horizontal support area. This suggests that there is still a chance to reclaim this important level, which could lead to a major upward breakout for ALGO. On the other hand, failure to do so could pave the way for further declines.
