Price Prediction

Algorand Price Prediction: Will ALGO Price Rise in 2021?

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Evolving crypto space is all set to hit the mainstream soon! Several altcoins are entering the market with the aim to offer unique features. Algorand launched with the purpose to enable speedy transactions with enhanced security and relatively lower fees.

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The network is built on the Pure Proof of Stake consensus mechanism. ALGO is a native token of the platform. The token acts as a payment gateway to pay for fees within the network. This token is listed by all the prominent exchanges such as Binance, Coinbase, Huobi, OKEx, and more.

In this article, you will have a clear idea on the Algorand price prediction for 2021 and beyond. We shall also see how high the ALGO Price could hit.

CryptocurrencyAlgorand
TokenALGO
Price$ 1.8300
Market cap$ 11,303,271,626.0000
Circulating Supply$ 6,180,946,809.3384
Trading Volume $ 656,053,218.0000
All time high$ 3.5600     June 20, 2019
All time low$ 0.1053     March 13, 2020

What is Algorand?

The Algorand was founded by Silvio Micali,  the network mainnet became live in June 2019.

Algorand platform has the capacity to handle almost 1 million transactions per day. The network is one of the recognized public cryptocurrency blockchains and the protocol intends to deliver decentralization and security for the participants. The network is safe, scalable, and reliable. 

Algorand introduced the world’s first pure proof of stake foundational blockchain. Their advanced technology provides a set of efficient layer-1 blockchains that offer scalability, security, built-in privacy. The network’s aim is to build global trust via decentralization. To offer an elegant technology that drives adoption by billions.

Fundamental Analysis:

The platform is aimed to offer next-generation financial products, protocols, and exchange of value. Basically, the network acts as a bridge between decentralized and traditional finance. Their FutureFi product allows users to create and deploy tokens, NFTs, stablecoins, and securities. In addition to this Algorand wallet is a user-friendly way for anyone to interact with the public network.

The founder previously worked as a professor of computer science at the Massachusetts Institute of Technology. He was awarded the Turing Award in 2012 for his contributions to blockchain protocols, cryptocurrencies, and electronic cash. After research and gaining enough knowledge, he launched Algorand.

Soon after the launch in 2019, the network introduced some major events. Algorand 1.0 mainnet was launched in June 2019. Followed by Algorand 2.0 in November 2019. In the 2.0 update, smart contracts were introduced, layer 1 smart contracts enforce custom rules and logic.

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Algorand Price Prediction 2021

Following a bearish trend, ALGO entered the year 2021 with a trading value of $0.37. Later, the price started to reinforce as the token followed an upward trajectory. The token marked the yearly highs at $1.71 in the mid of February and dipped down, trending sideways further.

The price has seen massive ups and downs below $1 from May to July. Started a positive rally by the end of July. Following the uptrend, the price reclaimed a high of $2.37 by late September.

Algorand (ALGO) Price Prediction For Q4: Algorand price maintained uptrend momentum since the start of the quarter. The price has risen from $1.62 to $1.95 at the press time. The altcoin has the crucial resistance to break between $2.05 to $2.15 in order to reach new ATH. The potential price target for the price action could be beyond $3.2 by the year’s end. On the contrary, if bears take control over the market, then ALGO prices could settle around $1.20 levels. With average buy and sell pressures the price could reach $2.8 by year’s end.

Algorand Price Prediction 2022

Algorand might start the year 2022 at a trading value of $3.25 and the token may aggravate further. The community might concentrate on strengthening the protocol as well as the user base. By the end of 2022, the digital currency might reach as high as $6.25. On the flip side, the altcoin could flip down to $3.454.

Price Prediction For Next 5 Years

In the next 5 years, ALGO might be listed on many exchange platforms and the price is anticipated to intensify. The community might attract users and marketers with certain collaborations with other projects and startups. It might enrich more security to its platform and may concentrate on transparency. By the end of 5 years, ALGO’s price is assumed to hit $10.The token might sink down to $3.854 if the bears hold the market for a longer time.

Also Read: Synthetix Price Prediction, Will SNX Price Hit $100 by 2021?

Market Prediction For Algorand Price

WalletInvestor

According to WalletInvestor, the altcoin could soar maximum up to $2.271, and in case of a bearish trap the price ALGO price would plunge to $1.695 by the year’s end. The website mentioned Algorand as a good long-term investment and could be traded between a minimum of $5.886 to a maximum of $8.195 by the end of 2025.

DigitalCoinPrice

According to DigitalCoinPrice, ALGO would trade at an average price of $2.97 by the end of 2021 and $5.83 by 2025.

CoinArbitrage

According to CoinArbitrage, the Algorand price could be $1.65 at the end of 2021 and may reach $8.06 by the end of 2024.

Longforecast:

Longforecast analysts predict the price to reach $2.17 by the end of 2021 and $4.42 by late 2025.

Our Algorand Price Prediction

Algorand entered the year 2021 at a cost of $0.37. Further the token started to recover steadily. 

Algorand might hit a high price if it consistently focuses on inbound developments. The community could acquire the minds of the marketers as it is a unique token delivering scalability and more security. By the end of 2021, the ALGO’s highest price might be $3.523.

Year.Potential High.Potential Low.
2021$3.252$1.208
2022$5.853$2.654
2025$10.874$3.8521

Historical Market Sentiments

2019

According to Coinmarketcap, Algorand initiated its journey on June 20 with an effective trading value of $2.89. Dramatically, the token started to decline at its initial stage of the journey and plunged to $1.43 by the end of July. 

Further, the digital currency started to slump as the ALGO bears were ruling. As a result the token drastically plunged to $0.18 by the end of September. Further with certain price variations, the token traded at $0.23 to conclude the year 2019.

2020

On a bearish note, ALGO continued to trade at $0.21 during January. The price substantially recovered to $0.45 by the end of February and shockingly slumped to $0.12 by mid-March as the decline of cryptocurrency space amid the Covid-19 outbreak.

 Later the token significantly hit $0.65 and claimed a resistance level by mid-August and the price started to hover after. Algorand arrived at $0.33 in December to complete the year 2020.

Also Read: Swipe Price Prediction : Will SXP Price hit $10 by the end of 2021?

FAQ

What is a permissionless blockchain?

It is a blockchain that anyone is able to join and does not require any authorization.

What is pure proof-of-stake?

It is an implementation of design that defines how people can participate in a decentralized network while preventing forged identities at the same time.

Is Algorand a profitable investment?

Yes, Algorand is a good and profitable investment for the long term.

Where to trade Algorand?

Algorand can be traded on exchanges like Binance,Coinbase Pro, Huobi Global, OK Ex and many more.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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