In this post, we will focus on Algorand Price Prediction to answer the question: Is Algorand a good investment for 2021 and onwards or not? However, before delving into price predictions, we will learn together about what Algorand (ALGO) is? What does it want to accomplish in the crypto industry? What kind of people are behind the project? How has it performed so far in the market? Are AlGO holders and investors happy and satisfied till now? And finally, does it have a promising future ahead or not?
In this article, you will have a clear idea of the Algorand price prediction for 2021 and beyond. We will also see how high the ALGO price can achieve. If you want to know more about the Algorand crypto and getting answers to these questions, continue reading this article. Okay, let us make a start.
What is Algorand?
The Algorand aims to build a borderless economy using decentralized, unregulated public Blockchain technology. It is one of the most accessible blockchain networks in the crypto space. Due to the slow transaction times, scalability, and forking issues of previous blockchains, the Algorand platform was developed. The basic theory is that a blockchain can only focus on two from three features, i.e., scalability, security, and decentralization. For example, Bitcoin often sacrifices transaction speeds (or scalability) to allow for more security and decentralization.
Algorand launched to solve the blockchain trilemma by offering security, scalability, and decentralization simultaneously with its unique and scalable architecture. Therefore, the platform provides reliability, scalability, accessibility, efficiency, and decentralization in addition to transactional finality in a matter of seconds. In essence, the open-sourced Algorand network increases transaction speed tremendously. More specifically, Algorand is well known for its high speed of more than 1000 transactions per second. The Algorand platform has the capacity to handle almost 1 million transactions per day.
Technical Advantages of the Algorand Network
Algorand accelerates the integration between decentralized and traditional finance by enabling the development of next-generation financial products, protocols, and exchange of value. Today, the Algorand blockchain is used widely in immobility, microfinance, central banks, hosting decentralized applications (Dapps), and several other areas.
Moreover, the Algorand platform is based upon a unique Pure Proof-of-Stake consensus mechanism. The mechanism in which ALGO holders have a chance to vote changes on the network. In this way, voting is possible for all ALGO holders and not limited to a few, ensuring complete decentralization. Additionally, the Algorand network offers higher throughput and relatively lower transaction fees than other networks like Ethereum. Thus, Algorand provides a powerful alternative to other platforms in the DeFi space, including EOS or Ethereum.
The other advantage of Algorand is that it guarantees security, scalability, and decentralization in an environmentally friendly and sustainable way. All these factors have played a part in Algorand’s success in attracting numerous eyeballs in the crypto industry.
The Algo Coin
ALGO is Algorand’s native utility coin. It primarily supports the operations of the Algorand ecosystem as a whole. Moreover, ALGO allows its holders to earn passive income from the rewards they receive. Financial analysts have estimated that ALGO holders can earn up to %7.5 APY (Annual Percentage Yield) as passive income.
ALGO is also used on DeFi applications, built on Algorand to support their operations and increase the coin’s use cases and value. The ALGO is distinctive in that there are rewards for all holders, not just those who verify transactions. The coin is listed on all the prominent exchanges such as Binance, Coinbase, Huobi, OKEx, and more.
The Algorand Founding Team
Algorand is the brainchild of the renowned MIT cryptography expert Silvio Micali with the goal of solving the blockchain trilemma. Additionally, it is supported by a group of prominent academics, computer science experts, mathematicians, businesses, and marketers. It is worth mentioning that Silvio Micali was awarded the Turing Award in 2012 for his contributions to blockchain protocols, cryptocurrencies, and electronic cash.
Algorand Price History
ALGO emerged in 2019. With its unique, scalable, and secure architecture, the coin captured the attention of crypto investors and still continues to do so. On June 20, 2019, the AlGO coin started trading at around $2.89 and hit its all-time high of $3.5600. Following its initial spike, the coin dropped dramatically, and by the end of July 2019, it was worth $1.43. During the following months, ALGO declined even further and was trading at around $00.89 by September. Near the end of the year, there was a slight improvement, and by December 2019, the ALGO price was around $0.23.
Source: CoinMarketCap (ALGO Price Movement in 2019)
ALGO’s early price crash was due to several factors. However, according to experts, the main contributor was the fact that the supply was much higher than the demand. Considering that it only had a small community at the time, few people were interested in the coin, especially when big players like Bitcoin and Bitcoin cloud mining ruled the market. After the crash, investors who bought ALGO at its initial price of almost $3 suffered a lot as ALGO has never been able to achieve that level since then.
For the sake of maintaining its public image and credibility, Algorand had to buy back user coins at 90% of the buying price. It was a good move that helped investors recover some losses. Nevertheless, no one was able to make a profit, especially those who had planned to hold.
Algorand in 2020
2020 was not an easy year for the ALGO coin due to the pandemic and overall market volatility. ALGO started 2020 at around $0.21, which was notably a bearish trend. However, by the end of January, the ALGO price doubled to $0.45. But again fell to $0.12 in mid-March. On March 13, 2020, ALGO hit its all-time low of $0.1053. After several times trying to reach a higher price, ALGO managed to reach $0.65. In mid-August 2020, many hoped that it would hit $1 by the end of the year. Nonetheless, ALGO encountered a major resistance level. The price dropped again, and by December 2020, it was trading at $0.33.
ALGO Price Performance in 2020
Algorand Price Movement in 2021
Following a long period of resistance at the beginning of 2021, Algorand has again started gaining considerable attention in the crypto community through key partnerships, adoptions, and use cases. In fact, at the beginning of 2021, a market-wide bull run started. Thus, the coin experienced a significant rise in its price and popularity in mid-January 2021. As such, this year is, without a doubt, the best year for Algorand, with increasing institutional interest and new partnerships.
It traded at $0.42 at the beginning of the year. Then, the coin surged more than 300 percent, hitting $1.6 in February 2021. ALGO ranged between $1.0 and $1.2 in March. Then, it went as high as $1.5 in mid-April. Then, it quickly rose to $1.5 on May 9, but again dropped to as low as $0.89 by the end of the month. The ALGO coin started July on an uptrend and now is trading at almost $2.04 in mid-September 2021.
ALGO Price Performance in 2021
Algorand Price Prediction in 2021 and Onwards
It is difficult to accurately predict a digital asset’s price since they are highly volatile. But several crypto experts have high hopes for the ALGO coin in the coming years. We will now check out some of these crypto forecasts in detail.
WalletInvestor Algorand Price Prediction
According to WalletInvestor’s forecast system, ALGO is an outstanding long-term (one-year) investment. Then, according to the platform, if you are looking for virtual currencies with good returns, ALGO can be a profitable investment option for making money. Based on their Algorand price prediction, a long-term increase is expected. the price prognosis for 2026-09-12 is $6.217. Therefore, with a five-year investment, the revenue is expected to increase by almost %203.56. Hence, your current $100 investment may be up to $303.56 in 2026.
WalletInvestor thinks that the Algorand price can go up from $2.048 to $2.988 in one year. It means that the one-year earning potential is +45.90%. Since this virtual currency has a positive outlook, WalletInvestor recommends it as a part of your investment portfolio.
TradingBeasts Algorand Price Prediction
TradingBeasts predicts that the ALGO price will reach $2.49068 by the beginning of October 2021. The expected maximum price is $3.11335, and the minimum price is $2.11708. The Algorand price prediction for the end of the month is $2.49068.
The Algorand price prediction is $2.50574 by the beginning of December 2021. The expected maximum price is $3.13217, and the minimum price is $2.12988. The Algorand price prediction for the end of December 2021 is $2.50574. Thus, they predict that the Algorand price is going to increase. Now the Algorand price is almost $2.05000. But by the end of 2021, the average Algorand price may reach $2.51268.
Source: TradingBeasts (Algorand Price Prediction for 2021)
According to the forecasting platform, The ALGO price will be at least $2.17899 by December 2022. The ALGO value will reach at least ($2.14175) in December 2023, and finally ($1.94970) in December 2024.
Coinpedia Algorand Price Prediction
Based upon their prediction, Algorand might likely grow if it concentrates on building its platform and the software upgrade. However, the ALGO price might decline to as low as $0.30, if the market continues in a bearish trend. At the end of 2021, the highest ALGO price is likely to be $8.56. The ALGO price may reach $4.2 by the end of 2021.
Algorand could trade at $3.85 in 2022, and the coin’s value may continue to rise. By the end of 2022, the digital currency might hit as high as $9.25.
In the next five years, the ALGO price is anticipated to rise. The community might attract users and marketers through certain collaborations with other projects and startups. Algorand might enrich more security to its platform and may concentrate on transparency. The coin might drop if the bears hold the market for a longer time. By the end of five years, ALGO’s price is likely to achieve $30. Therefore, Algorand seems a good and profitable investment for the short and long term.
Source: Coinpedia (Algorand Price Prediction)
CryptoNewsZ Algorand Price Prediction
Based upon the platform’s Algorand price prediction, the new partnerships and alliances shall push the scalability of the network to 1,00,000 transactions per second. The network is super popular with numerous projects built on it. If the advancements are maintained, the Algorand price is expected to climb to $2.40 by the end of 2021, setting a new record. With ongoing partnerships, alliances, and community funding, ALGO is expected to succeed, reaching a level near $4 in 2022, which is quite optimistic but surely feasible.
As per their Algorand price prediction, the coin might range around $4 to $5 or maybe drop down to $3.9 in 2023. If Algorand focuses on further development and fundamentals, it could achieve massive growth in the upcoming years. Then, it would not be an exaggeration to say that Algorand price will scale to a peak of $5.5 in 2024. The price horizon is pretty positive for Algorand. Based on their Algorand price prediction, AlGO price should rise in the long run. Thus, the coin might cross the $6.5 by the end of 2025.
By and large, crypto enthusiasts predict that the ALGO coin will hit a record high by the end of 2021. Due to its scalable, sustainable, and efficient blockchain network, Algorand has had numerous partnerships and adopted by several institutions worldwide. Because of its unique architecture, which offers speed, security, and decentralization, several leading projects have turned to Algorand to create their protocols.
Furthermore, it goes without saying that its highly sustainable and environmental approach and efficient future-ready blockchain make it worthy of more praise. Therefore, considering all these significant features and expert predictions, it is safe to say that ALGO is a good investment option for 2021 and beyond and has worth investing in. If Algorand keeps focusing on new developments and partnerships, ALGO will likely skyrocket its value and price soon.
However, before investing, remember the key rules of investing in the cryptocurrency market. These include doing thorough research, being patient, and never investing more than you can afford to lose.