Algorand [ALGO] has a fantastic start in 2023. There have recently been one billion transactions on the network, which is a big deal in terms of utility.
Algorand's value over the years is demonstrated by the billion transactions it has processed. As a result, the ecosystem gained a significant amount of value and experienced a good adoption rate. It's also important to note that Algorand completed this remarkable feat with little downtime, despite sustained high demands.
1 BILLION TRANSACTIONS!
— Algorand Foundation (@AlgoFoundation) January 3, 2023
"The @algorand #blockchain has just processed its one billionth transaction thanks to a period of sustained high load and the network behaved smoothly, as it is built for" - @GaryMalouf, Head of Engineering.$ALGO fam, stay tuned for a surprise soon 👀 pic.twitter.com/fpwKbQtcV9
Due to the widespread acceptance and onboarding of decentralized initiatives, Algorand may reach the milestone. One of such endeavors that might be crucial in defining the development of the music industry in the decentralized world is Dequency, a marketplace for music licenses.
.@Dequency_io, a music licensing marketplace built on Algorand, announced @stripe integration payments 🤝
— Algorand (@Algorand) January 3, 2023
Musicians can now decide whether their licenses can be purchased with cards, crypto, or both.
Read more: https://t.co/ssNpc8lLTm
The modification would give musicians the option of selling their licenses for cash, bitcoin, or maybe both. Even more intriguing, Dequency has the potential to benefit from significant growth in the music industry.
The prospects for Algorand in January seem bright, both in terms of acceptance and development. With less development efforts, the network came to an end in December. However, it appears to start again with an increase.
This rise in construction activity may have coincided with an improvement in investor confidence. It would seem to be the case given the demand for ALGO in the futures market. Both Binance and DYDX have experienced significant rises in their financing rates so far this week.
From its 2022 lows, ALGO recovered and saw a 14% increase over the previous week. Although it was trading at $0.188 at the time of publication, the main question is whether the increase can last.
The Money Flow Index also indicated that a spike in money inflow contributed to an increase in the price of ALGO (MFI). The current trajectory has considerable strength, according to the Relative Strength Index (RSI), however it is currently in the 50% RSI zone.
