Investors Flock to This Altcoin with Big Partnership News!

Cryptocurrencies continue to fluctuate back and forth in the bear market. However, some altcoin projects continue to grow even in harsh winter conditions. An Ethereum competitor is challenging crypto markets in a bearish environment. Algorand (ALGO), which is driving new user growth in partnership with FIFA, had an eye-catching rally this week.

Thousands of new users flock to Algorand (ALGO) every day

As you have been following from cryptoify.blogspot.com, the global football organization FIFA has launched digital art on Blockchain. The partnership with FIFA has been a major catalyst for the price of Algorand (ALGO), an Ethereum competitor. The official FIFA World Cup Non Fungible Tokens (NFT) were launched on Algorand (ALGO). According to crypto analytics firm IntoTheBlock, the partnership has resulted in thousands of new users flocking to the smart contract platform Algorand (ALGO) every day. IntoTheBlock posted the following on its Twitter account:

NEW USERS ARE COMING TO ALGORAND AS IT LAUNCHES THE OFFICIAL FIFA WORLD CUP NFT'S. THE NEW ADDRESSES THAT MADE THE FIRST ALGO TRANSACTION GREW FROM 5,000 TO 20,000 A DAY IN THREE MONTHS.

As you know, Ethereum is the leader in the NFT space, as it is in the altcoin market. However, this time, FIFA preferred a competitor, not Ethereum, in May. In this context, FIFA signed a sponsorship agreement with Algorand. Since football is the sport with the most attention and fan base in the world, this deal has seriously benefited Algorand in terms of attracting users. IntoTheBlock shared the graph showing the change in the number of active addresses of the altcoin project.

This month, the global football group launched FIFA+ Collect, a platform designed for NFT. In this way, it gave fans around the world the chance to own FIFA digital collections in NFT format.

Altcoin price performance

ALGO's price has supported the downward price trend of other cryptocurrencies over the past week. The smart contract protocol rose from a seven-day low of $0.293 to $0.407. The altcoin thus recorded an increase of nearly 40% in just one week. ALGO, however, has since declined slightly. At press time, it was trading at $0.3786, according to CoinMarketCap data.

ALGO 1-week price chart / Source: CoinMarketCap

Meanwhile, earlier this month Algorand announced that the firm has appointed a new chief marketing officer. Michele Quintaglie joins the team to spearhead the company's global marketing and communications efforts. Accordingly, she joined Algorand's leadership team on September 19 to build the firm's brand awareness and reach.

Source: DailyHodl