Markets are weak, but ALGO, FXS and HNT book a 20%+ rally — Here’s why

Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike.

There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand.

Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium (HNT).


The pure proof-of-stake blockchain network had, perhaps, one of the most notable partnership deals for a crypto project in recent months after this week’s announcement that it had been selected as the official blockchain of FIFA, the globally recognized international governing body for soccer.

BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more @FIFAWorldCup #FIFAWorldCup

— Algorand (@Algorand) May 2, 2022

ALGO was trading at a price of $0.58 prior to the announcement and the price proceeded to rally 28% to a daily high of $0.743 as news of the collaboration spread across the crypto ecosystem.

ALGO/USDT 4-hour chart. Source: TradingView

At the time of writing, ALGO is trading at $0.673, representing a 16% gain on the 24-hour chart.

In addition to the FIFA announcement, Algorand has been expanding its ecosystem by launching decentralized finance and nonfungible token protocols on the network. The project also launched a blockchain-based card game called Aegir Tactics and a real estate tokenization platform called Vesta Equity.

Frax Share

Frax Share, the native token of the Frax protocol, is the first fractional-algorithmic stablecoin project to launch in the cryptocurrency ecosystem and on May 3, the asset staged a 23% rally despite the wider market being…


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