In the midst of a decline in the crypto market, Algorand (ALGO) investors are grappling with significant losses, as revealed by data indicating that 89% of holders are currently in the red. This comes despite previous commendation from SEC Chair Gary Gensler, with ALGO struggling to maintain stability.

Algorand Holders Facing Major Losses

As the crypto market endures a downturn, investors in Algorand (ALGO) are feeling the impact, particularly those who were enthusiastic about the project that Gensler hailed. Insights from the analytics platform IntoTheBlock show that a whopping 89% of ALGO holders are experiencing losses, signifying that the majority of investors are holding the asset at a price lower than their initial purchase.

Only 8% of ALGO Investors Seeing Profits

While ALGO is currently trading at $0.1818, with a 5% increase in the past 24 hours, only 8% of Algorand investors are actually in the green. Interestingly, among the various cryptocurrencies monitored by IntoTheBlock, ALGO stands out for having the highest percentage of holders in a loss-making position.

Long-Term Investors Facing the Greatest Impact

Statistics from IntoTheBlock further reveal that around 83% of these Algorand investors are individuals who have held the asset for more than a year, highlighting the enduring impact of the current market conditions on long-term holders. Nevertheless, there is a minority of investors - 15% - who entered the ALGO market within the last year, and only 2% who did so within the past 30 days.

Gensler’s Endorsement of Algorand

Silvio Micali, the founder of Algorand in 2017 and a professor at MIT, earned praise for the blockchain project from none other than Gary Gensler during his time at MIT Sloan School of Management between 2018 and 2019. Gensler described Algorand as having the potential for creating innovations like Uber due to its impressive performance.

Concluding Thoughts

Despite the positive feedback from Gensler, Algorand continues to face challenges in the current market landscape, with a majority of investors struggling with losses. As uncertainties loom in the crypto market, the future trajectory of ALGO remains uncertain, leaving investors anxious about the fate of their investments.