Algorand price has been on a sustained bullish trend over the past two days and was trading at $0.2254 at press time.
The token has shown quite a strong bullish stance and although it could partly be buoyed by the general bullish crypto market, there are other factors at play behind the scenes. The Algorand trading volume has also surged by 194.80% in the last 24 hours.
Why Algorand price is surging
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications and has seen a number of activities in the recent past with the most recent being the launch of AlgoBharat in India to help India’s growing economy as it transitions from Web2 to Web3.
AlgoBharat aims at focusing on three pillars, the first being broadening the Web3 developer base in India. The second pillar is offering support and investing in the Web3 startup ecosystem by offering mentorship, developer support, and access to capital. The third is entering into strategic partnerships with more established organizations.
Besides launching AlgoBharat in India, the Algorand Foundation has also released a developer tool suite called AlgoKit.
Algorand also recently disclosed partnerships with the state of Maharashtra with the Self Employed Women’s Association (SEWA) to support women-led businesses developing blockchain solutions and with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs.
The blockchain has also collaborated with T-Hub, a top innovation centre in India with more than 600 corporate partners including Intel, AWS, Microsoft, Boeing, and Meta.