Last week saw a drop in cryptocurrency prices, but it also brought exciting new developments. Blockchain Technology Company BTCS (NASDAQ:BTCS) reported the news to enable investors to receive dividends Bitcoin (CCC:BTC-USD). Since then, “bividend” has been very popular as investors think about what this could mean for crypto markets. However, the company does not stop there. BTCS shares have been rising all morning after another notification from the company. BTCS is expanding its infrastructure representation operations with an add-on Algorand (CCC:ALGO-USD).
What’s going on with the BTCS stock
Ever since this development was announced this morning, BTCS shares have been moving up. It rose as the markets opened this morning. Despite a slight drop, it returned quickly and has grown by 18% since this writing. The two catalysts we’ve seen at the company so far have raised BTCS shares by more than 84% a week and 59% a month. BTCS may have started the year low, but it is certainly making up for the loss and shows that it will continue to grow.
Most of the impressive stock growth has happened since the announcement of the “bividend” initiative. Today’s news is likely to help it rise even higher. However, it is clear that the public is thrilled with this company’s decision to enter crypto markets in a new way. The news shows that BTCS wants to take this crypto-focused mindset even further.
Why it matters
Like Brenden Greeely from Financial Times he notes: “Behind the bividend is a bet that, if it were correct, it could have much greater consequences. ”
It certainly could, especially if it proves successful. But the recent decision to add Algorand to its blockchain infrastructure could also have important implications. It is certainly not surprising that BTCS would like to include it. The crypto may not exist at the moment, but it is price forecasts they are still hot for the year – and with good reason. Algorand blockchain was chosen by Drone Racing League (DRL) and the developer of the metaverse game Playground laboratories host a drone game to play for money InvestorPlace ‘with Shrey Dua reports.
The market is ripe for just such a gaming experience that will allow players to earn both crypto and irreplaceable tokens (NFT). The usability of Algorand since the crypto is still being advertised, as well prize plan we saw it launch in the last days of 2021.
BTCS clearly recognizes the potential of this type of usability. As Chief Operating Officer Michal Handerhan says: “The ALGO Foundation has proposed a plan to be issued by 2030, focusing on ecosystem support, community incentives and decentralized management. We look forward to monitoring its development over the years. “
What it means
It is not difficult to understand how adding Algoranda to the BTCS blockchain infrastructure could benefit both parties involved. The cryptocurrency blockchain protocol is very extensible. In addition, Algorand’s user community is extensive and continues to expand. It consists of companies in the financial and fintech sectors, and also extends to government and public sector organizations.
If it continues to grow and there is no reason to expect it not, BTCS shares may increase accordingly. The company still enjoys the momentum generated by the biwend news. That’s why Algorand news comes at the right time, as it will help maintain lushness.
BTCS shares are still trading at a low price. If you are thinking of crypto stock games, you should be on your radar.
At the date of publication, Samuel O’Brient did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are the opinions of the writer who are the subject InvestorPlace.com Guidelines for publication.