Algorand and Polygon Lead the Crypto Market with 7% Gains

The cryptocurrency market is showing signs of recovery after a prolonged bearish trend. Two of the best performers today are Algorand (ALGO) and Polygon (MATIC), both up by more than 7% in the last 24 hours.

Algorand is a blockchain platform that aims to achieve scalability, security and decentralization through its pure proof-of-stake consensus mechanism. Algorand has recently announced a $10 million grant to Applied Blockchain, a company that will develop a trustless bridge between Algorand and Ethereum, enabling interoperability and liquidity for both networks.

Polygon is a layer-2 scaling solution for Ethereum that offers fast and cheap transactions on its network of sidechains. Polygon has been gaining popularity among developers and users who want to avoid the high fees and congestion on Ethereum. Polygon has also partnered with several projects in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, such as Aave, SushiSwap and OpenSea.

At the time of writing, Algorand is trading at $0.1166, up by 7.21% in the last 24 hours, according to CoinMarketCap. Algorand has a market capitalization of $2.9 billion and a daily volume of $113 million.

Polygon is trading at $0.1789, up by 7.43% in the last 24 hours, according to CoinMarketCap. Polygon has a market capitalization of $1.1 billion and a daily volume of $94 million.

Both Algorand and Polygon have outperformed the major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which are up by 3.38% and 3.21% respectively in the last 24 hours.

The crypto market is still facing uncertainty and volatility due to regulatory pressures, environmental concerns and hacking incidents. However, some analysts believe that the worst is over and that the market will resume its upward trajectory soon.