Real-world adoption is what really matters when information technology comes to being a successful blockchain projection and one projection that benefited from a recent uptick in adoption is Algorand (ALGO), a pure proof-of-pale protocol aiming to become the go-to base layer for the global financial industry.

ALGO/USDT 1-day nautical chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at $0.67 on July 20, the price of ALGO has rocketed 268% to a daily high at $2.47 on Sept. ix as its 24-hour trading book surged to a record-high $iv.83 billion.

El Salvador builds on Algorand

The sudden surge in price and trading volume for Algorand came post-obit Republic of el salvador's annunciation that it is now recognized as legal tender. Additionally, El Salvador has also selected Algorand'southward blockchain to help develop its own blockchain infrastructure.

​​The Algorand network has slowly gained increased attention from larger institutions and governments due to its piece of work on central bank digital currencies. On top of that, the project has been chosen to host pop stablecoins similar USD Coin (USDC) and Tether (USDT).

Algorand's selection by El salvador is peradventure the well-nigh significant vote of confidence the project has received to date, which can pb to further large-scale adoption as other governments and institutions spotter to meet how the project progresses.

NFTs, DeFi and governance could attract new users

A second gene helping drive the price of ALGO are recent moves made by the Algorand Foundation to go the community more involved with the project and active on the network.

The project is in the process of launching governance features for token holders, which are set to go alive on Oct. 1 and will requite users more than of a say in the future development of the platform.

The project developers are likewise working on new decentralized finance and nonfungible token applications that may concenter new users who want to get in on the NFT craze activeness but are prevented by the high fees on the Ethereum network.

Related: Staking will eat proof-of-piece of work for breakfast — Here'southward why

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ALGO on Sept. 4, prior to the recent price rising.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparing of historical and current market atmospheric condition derived from a combination of information points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ALGO toll. Source: Cointelegraph Markets Pro

As seen in the chart to a higher place, the VORTECS™ Score for ALGO was elevated early on in September and reached a high of 70 on Sept. four, roughly 78 hours before the price began to increase 114% over the next two days.

The views and opinions expressed here are solely those of the writer and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves take a chance, you should acquit your own research when making a conclusion.