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Where Will Algorand’s Ties with Amazon Web Services Take ALGO?

Varuni Trivedi
·2 min read

Recently, amid the global crypto market’s choppy price action, cloud solutions provider Guardrail announced the availability of the Algorand Blockchain on Amazon Web Services (AWS).

This strategic move could push the narrative for the 29th ranked coin by market cap, but for now, price implications as the global crypto market consolidates aren’t visible.

Boosting the Algorand Blockchain

The release of the Algorand Blockchain on the AWS marketplace will allow users to deploy and operate nodes securely. Algorand arrived on AWS through Guardrails, a clouds solution provider that drives rapid cloud adoption in Small & Medium Business Enterprises (MSME).

The release marks the deployment of Algorand’s nodes on the AWS network. Notably, up to 1,000 Algorand nodes can be operated across 24 regions within 30 minutes with its arrival on AWS.

That said, Guardrail is set to boost the capacity of the Algorand blockchain for building applications in its network by acting as an alternative to API aggregators.

Furthermore, Algorand’s ecosystem continues to grow at a decent pace. Notably, the platform’s Algofi DEX also went live today, which is called the DeFi Hub of Algorand. The blockchain’s trajectory in the NFT space has also been adequate, and recently, Vesta Equity launched a real estate-backed NFT platform on Algorand.

While the platform seemed to progress on the ecosystem front, its price action was largely bearish, much like the top coins such as Cardano, XRP, and even Ethereum.

ALGO Price Still Down

Bitcoin’s volatile move over the last week has caused the global market cap to dip down to the $1.70 Trillion mark at press time. Alongside Bitcoin and Ethereum, most of the large-cap and mid-cap altcoins, too, were making lower price lows.

At press time, Algorand traded at $0.8014, noting 3.26% daily and 15.03% weekly losses. ALGO was currently sitting at the six-month low price level, down 75.33% from its all-time high price.

While ALGO trading at this low price level gives massive upside to the traders and investors in the mid-short term, it is to be noted that further downside could push the altcoin to the $0.65 level, which currently serves as the next significant support.

This article was originally posted on FX Empire

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