As the age of DeFi well and truly takes hold, blockchain and cryptocurrency are becoming ever more popular. In fact, they are becoming so popular that the major networks are struggling to meet demand. This in turn has led to the creation of crypto projects specifically designed to solve scalability issues.
One such project is Algorand - an open-source, permissionless, proof-of-stake blockchain protocol intended to ‘support the next generation of financial products’ and further bridge the gap between the worlds of cryptocurrency and traditional banking.
Effectively, Algorand is a new public access blockchain that provides all the functionality, security and infrastructure for developers to build their protocols. It promises much faster transactions than many older smart networks and at lower costs.
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But is Algorand really capable of revolutionising the world of digital finance or is it just another project in a sea of innovative blockchains that fail to gain traction? In the following Algorand price prediction, we’ll take a closer look at the protocol and find out what analysts are predicting for its future price movement.
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Contents:
- A Brief Summary of Algorand
- How Does Algorand Work?
- Is Algorand a Legitimate Ethereum Killer?
- Looking at Algorand’s Price History
- Algorand Price Predictions for 2025
- Algorand Price Predictions for 2030
- Conclusion: Should You Invest in Algorand?
- Where to Invest in Algorand
- FAQs
A Brief Summary of Algorand
Algorand was developed under the stewardship of Algorand, Inc - a private firm based in Boston. The platform, created by Silvio Micali, a professor at MIT, officially launched in 2019 with the intention of solving the blockchain ‘trilemma’ of providing speed, security, and decentralization all at once.
On the surface, Algorand seems to be like many other smart blockchains - a multi-layered system that handles token exchange, as well as smart contracts, dApps and asset creation. However, Algorand is a payments-focused network that has placed emphasis on processing transactions at high speed - approximately 1,000 per second with completion in less than five seconds.
Algorand is intended to be a platform that is suitable for mass adoption - one that promises to keep working at an adequate level even as its native DeFi projects build their userbases and increase their transaction rate exponentially.
Looking at Algorand’s Price History
Algorand has a fairly chaotic price history. Whereas many of the more innovative blockchain projects remain subdued for their first few months, ALGO was trading at its all-time high of $3.56 within just a few days of listing - having already seen growth of several hundred per cent almost immediately.
However, prices went into decline for the remainder of 2019, with ALGO sinking as low as $0.19 before the year was out. There were then two major price surges in 2020. In February, Algorand saw increases of over 100%, hitting $0.44 before dropping back to around $0.14. Then in July, when Coinbase announced it was listing ALGO, the token’s price rallied again, this time reaching a high of around $0.62.
For the remainder of 2020, the price of ALGO bounced around between $0.20 and $0.40 before 2021 hit. Algorand benefitted from the first market upswing that swept across the crypto market, with its price soaring from $0.46 to $1.70 in a little over two weeks between January and February.
Algorand then seemed to diverge from the rest of the cryptocurrency market. As many tokens soared to record highs during another market-wide bull in April, ALGO failed to reach the highs it had seen in February, instead topping out at around $1.69. Algorand fluctuated throughout the year and finished 2021 at a price of $1.66.
At the time of writing, ALGO was trading at around $1.11.
Don't Miss: Why Algorand Will Skyrocket
What’s Next: Algorand Price Predictions for 2025
Algorand certainly appears to have the technical credentials to make an impact in the blockchain world, but what are analysts predicting for its future price growth?
DigitalCoinPrice has made its ALGO price prediction for 2025. According to its technical analysis, Alorand will make a fairly impressive recovery in 2022, closing the year at around $1.56. It will then experience continued growth throughout 2023 and 2024, regaining the $2 mark in early 2024 and peaking at $2.19 in January 2025.
Meanwhile, WalletInvestor has also made its Algorand forecast, which is also optimistic. It has ALGO starting protracted growth in 2022, reaching a potential high of $2.85 by the end of the year. Things will then pick up again across 2023/2024 and by 2025 WalletInvestor predicts that Algorand will be worth as much as $7.96 per token.
Finally, TradingBeasts has put forward a more subdued Algorand price prediction for 2025. It’s technical analysis sees the token hovering around $1.63 for much of 2022, before seeing more sustained growth in 2023. By December 2025, it expects ALGO to be worth around $2.21.
Looking Further Ahead: Algorand Price Predictions for 2030
The blockchain world moves fast - something which has been especially apparent over the last year or so. As such, forecasts looking ahead to 2030 should be seen as suggestive only and representing the best-case scenario. However, they are useful in gaining an insight into what some leading platforms think of a particular project.
DigitalCoinPrice appears to have confidence in Algorand. Having reached $2.25 in 2026, ALGO is expected to maintain its trajectory and soar past $3.99 by the end of 2028. The platform then predicts Algorand will grow even more in 2029, by the end of year trading at over $4.45.
Elsewhere, Coin Price Forecast is surprisingly optimistic with its Algorand price prediction for 2030. It has the token growing steadily, having it reach $4.04 by the end of 2031.
A cryptocurrency research firm by the name of Crypto Research Report is calling for Algorand (ALGO) to reach $4.32 by 2025, and $7.50 by 2030.
These long-term predictions are certainly realistic, but as we have noted, ten years is an awfully long time in the cryptocurrency and just as there is every chance Algorand may go from strength to strength, it’s also possible that new developments could emerge which will render it obsolete.
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FAQs
What are Algorand price predictions for 2030?
Long term cryptocurrency price predictions should always be approached with caution and seen as little more than guesswork. We have seen predictions from DigitalCpoinPrice which suggest ALGO could reach $3.99 by 2028, when Coin Price Forecast believes it will reach $4.07 this year and rise slightly to $4.26 in 2030.