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What is the price prediction for ALGO?

Price predictions for ALGO vary, depending on who you ask. There are both macro and micro-economic factors which influence the price of ALGO.

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Read More About Algorand

About Algorand

Algorand is a self-sustaining, decentralised blockchain network that supports a wide range of applications. These applications are secure, scalable and efficient, which are vital properties for effective applications in the real world. The protocol will support computations that require reliable performance guarantees to create new forms of trust. Algorand’s mainnet went live in June 2019 and by December 2020 was able to handle almost 1 million transactions per day.

Silvio Micali is the brain behind this project. He is a professor of computer science at MIT and a recipient of the Turing Award for his contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols.

What makes this protocol special is that it seeks to speed up transactions and improve efficiency, thereby addressing the core issues that plague older generation blockchains such as Bitcoin. Also, its transaction fees are very low, making the platform ideal for payments in a fast-paced world with the security and privacy of a decentralised protocol. Given the project’s obvious utility, it’s easy to see why Algorand could be around for a long time and possibly become the gold standard for blockchain networks. But the project is still in its initial stages, and as more people and businesses embrace it, it’s likely to revisit its all-time high of $3.56 sooner rather than later.

A Brief History on the Price of Algorand

Silvio Micali is the brain behind this project. He is a professor of computer science at MIT and a recipient of the Turing Award for his contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols.

What makes this protocol special is that it seeks to speed up transactions and improve efficiency, thereby addressing the core issues that plague older generation blockchains such as Bitcoin. Also, its transaction fees are very low, making the platform ideal for payments in a fast-paced world with the security and privacy of a decentralised protocol. Given the project’s obvious utility, it’s easy to see why Algorand could be around for a long time and possibly become the gold standard for blockchain networks. But the project is still in its initial stages, and as more people and businesses embrace it, it’s likely to revisit its all-time high of $3.56 sooner rather than later.

Algorand may be a new altcoin, but the project has already managed to achieve a lot since its launch in 2018. To better understand Algorand and reliably make future price predictions, let’s take a brief look at some factors that have had an impact on its price. 

Key News for Algorand

Algorand uses what it calls a “pure Proof of Stake” consensus model, so its native token, ALGO, cannot be mined. The total supply of ALGO is capped at 10 billion tokens. Many of the tokens are given to staking users as rewards. 

The Algorand Foundation also intends to hold auctions to slowly release the supply into the market. The inaugural auction was held on 19 June 2019. It marked the official launch of the Algorand network. 25 million ALGO tokens were sold at a price of $2.40 in under four hours.

ALGO hit the crypto market the day after the auction at $3.56 per token, but its price quickly corrected itself to less than $1. Its market value didn’t have any major changes for the next year, but the foundation announced numerous partnerships that highlighted its potential use cases. 

For example, in July 2020, Algorand announced that it was joining the Blockchain Game Alliance. The Algorand network was selected to store official chess ratings for FIDE Online Arena. More than five million chess games per day are played online, and Algorand was the first network to record chess ratings on the blockchain. 

2021 was when things really started to pick up for Algorand. According to the development team, the network surpassed 10 million accounts on its network. There was also an uptick in the number of organisations using the Algorand network. 

To kick off the new year, Algorand announced a partnership with New York-based digital asset security platform Curv. Algorand will use Curv’s multi-party computation layer to build secure wallet functionality into apps built on the network.  

In 2021, Algorand announced that it was working with Koibanx to create the world’s first blockchain-powered COVID passport in Latin America. The digital passport is called VitalPass, and it uses Algorand to track COVID-19 vaccination and ensure security, transparency,and traceability during the vaccination process across Latin America. 

A report released by Goldman Sachs in 2021 ranked Algorand as one of the top 16 cryptocurrencies on the market alongside Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Ripple, Monero and Polkadot.

Today, more than 500 global organisations are leveraging Algorand to build next-generation products and exchange value. Algorand’s growing community is building a healthy ecosystem of organisations that are aligned with its vision for the future of finance. 

Algorand Timeline

  • 19th June 2019: The Algorand Foundation held an inaugural auction to introduce ALGO into the market. The auction lasted less than four hours and marked the launch of the Algorand network. The auction supply was 25 million ALGO tokens. (Each ALGO token was sold for a price of $2.40). 

  • 21st June 2019: ALGO entered the crypto market at an all-time high of $3.56. Its price quickly corrected itself to a fraction of that amount within days. It has never reached such highs again. (Price of ALGO went down to $1.44 by 30th June).

  • 14th August 2019: Coinbase Pro officially adds ALGO to its order book and supports inbound ALGO transfers. (ALGO price was $0.8).

  • 21st November 2019: The Algorand Foundation announced the release of Algorand 2.0. The upgrade expanded the range of processes and applications that can be built on the network. (ALGO’s market price dropped to $0.24).

  • 13th March 2020: The price of ALGO reached an all-time low of $0.105. (ALGO price climbs to $0.15 by 31st March).

  • 7th April 2020: The Algorand Wallet was integrated with the Ledger Nano X, providing users with the highest standard of crypto security. (The market price of ALGO was $0.18). 

  • 2nd July 2020: Algorand joins the Blockchain Game Alliance (BGA) to highlight blockchain technologies and their potential use in gaming. (ALGO reaches $0.21).

  • 7th December 2020: In its performance report for 2021, the Algorand team announced that the network averages 500,000 transactions per day. More than 500 companies are developing on Algorand, taking advantage of its layer-1 smart contracts and other functionalities. (ALGO market price was $0.33).

  • 28th January 2021: Digital asset security platform Curv announces a partnership with Algorand to build secure wallet functionality into apps that use the Algorand network. Curv’s customers will be able to transact and store ALGO as well as tokens created on top of the ALGO network. (ALGO climbs to $0.54).

  • 24th March 2021: Società Italiana degli Autori ed Editori (SIAE), Italy’s largest copyright management organisation, announced that it was teaming up with Algorand to use non-fungible token (NFT) technology to protect Italian authors’ rights at the highest level of security. SIAE released over 4 million NFTs that represent the rights of more than 95,000 of its members. (ALGO price on this day was $1.12).

  • 30th March 2021: In less than two years since the launch of the mainnet, Algorand surpasses 10 million accounts on its network. (Market price for ALGO reaches $1.41).

  • 19th May 2021: Algorand partners with Koibanx to power the world’s first blockchain-based COVID passport in Latin America. The digital passport tracks COVID-19 vaccination and uses Algorand to guarantee security, transparency, and traceability. (ALGO price was $1.37).

  • 30th June 2021: The Algorand team releases the Algorand Virtual Machine to improve smart contract development and ensure developers have the functionality needed to create powerful dApps. (The price of ALGO was $0.88). 

  • 3rd August 2021: Genesis partners with Algorand and announces support for ALGO. (ALGO price reaches $0.81).

Compare Algorand with Fiat Currencies, Commodities and Crypto

It may have taken a few years, but Algorand has finally carved out a position for itself as one of the top 50 cryptocurrencies by market capitalisation. Algorand’s performance in 2021 has been really good for investors, but how does it compare with other cryptocurrencies and real-world commodities? 

Compare Algorand with Bitcoin

Bitcoin has had a turbulent history over the past few years, and 2020 was no different. It started at $7,915 on 1st January 2020 and closed the year at $27,424. 

Like many altcoins, Algorand experienced a similar uptrend in 2021. However, like Bitcoin, it also failed to maintain that moment into the third quarter of 2021. 

Compare Algorand with Gold

Gold has functioned as a store of wealth for many investors. It does very well against inflation, and its value generally goes up during times of economic turmoil. At the height of the COVID-19 pandemic in 2020, the price of Gold reached a new all-time high of $1,902 per troy ounce. It didn’t maintain its upward trajectory, but it’s still a valuable commodity well into 2021. 

Comparatively, Algorand was quite stable in 2020. It didn’t experience any extreme fluctuations until the bull run of 2021, which caused its value to jump to $1.605. Like Gold, ALGO has failed to maintain that uptrend as its price corrected and stabilised. 

Compare Algorand with Oil

The price of crude oil took a big hit during the pandemic as the global economy shut down. According to the US Bureau of Labour Statistics, the prices for crude oil imports fell 62.8% from January to April 2020. Prices managed to partially recover from June to August 2020 and went back to pre-pandemic levels in 2021, but demand is still low. 

ALGO was relatively stable during the pandemic. According to CoinGecko.com, its value hovered between $0.21 and $0.65 during the entirety of 2020. It wasn’t until February 2021 that ALGO’s market price experienced a huge uptrend as the crypto market turned bullish. 

Algorand Future Price Predictions

Algorand has made big gains in 2021, so it’s only natural for investors to try to predict its performance in 2022 and beyond. While there is no way to 100% guarantee the direction Algorand will trend in the future, we can still use technical and fundamental analysis indicators to make an educated guess. 

Algorand Price Predictions for 2021

2021 was the first time since its release in 2019 that the price of ALGO crossed the $1 threshold to reach $1.70 on 13th February. While its price experienced small fluctuations in the ensuing months, it still stayed over $1 until May when it experienced a downtrend. 

It’s tough to predict when the market will once again turn bullish. In the performance report for 2021, the Algorand team promised to further improve the platform by increasing the block size from 5,000 to 25,000 transactions, reducing the block finalisation time from 4.5 to 2.5 seconds and increasing transactions per second (TPS) from 1,000 to 46,000. Perhaps these changes will help to bolster ALGO’s market position for the final quarter of 2021. 

Algorand Price Predictions for 2022 

If ALGO’s bullish trend continues into 2022, then it may reach $2 by the end of 2022. The growth of the platform since 2020 shows a lot of promise. In just two years since it launched its mainnet, Algorand has already surpassed 10 million accounts on its network as more organisations seek to build applications on the network. 

As long as the Algorand team maintains the hype and continues announcing new partnerships and developments, it might even beat its previous all-time high of $3.56. 

Beyond 2022 for Algorand

As demand for ALGO continues to increase beyond 2022, its market value could reach new highs. However, it’s important to note that Algorand has a total supply of 10 billion tokens, but as of August 2021 only 3.17 billion of those tokens are in circulation. The development team had initially planned to periodically auction off the remaining amount and reward users who stake their tokens, but that could potentially dilute the market and cause the price of ALGO to tumble. 

To combat that probability, the foundation announced in December 2020 that it is extending the distribution period of the total supply from 4 years to 10 years. Under the new plan, the Algorand Foundation will slowly release the remaining supply to prevent inflation. The foundation expects that 99% of all ALGO will be injected into the circulating supply by 2030. 

It’s too soon to say whether their plan will succeed or what impact it’ll have on the market value of ALGO in the long term. As staking rewards start to diminish, ALGO holders may end up selling off their investment, and that could impact the market. Investors should trade wisely and avoid being affected by market hype. 

For more detailed predictions, read our Algorand price prediction guide here.

Algorand Price Conclusion

Algorand has proved that there are many potential use cases for a high-performing, stable blockchain network that has Layer-1 capabilities and supports smart contracts. Its unique consensus protocol eliminates the efficiency and cost challenges currently faced by dApp developers and crypto traders on other networks. Its blocks are finalised in seconds, which makes Algorand’s transaction throughput on par with large payment networks like Visa or Mastercard. 

If the performance report for 2021 is to be believed, the project is receiving a lot of interest from institutional investors. Further improvements to the network and more future partnerships that continue to prove its use case could help ALGO’s price shoot to the moon. It’s a project that’s worth keeping an eye on. 

Frequently Asked Questions

What is the use of Algorand?
Algorand is a decentralised network built to solve three problems: speed, security and scalability. It enables developers to easily create blockchain-based applications.
Why is Algorand special?
Larger blockchain projects that have similar use cases as Algorand are experiencing network bottlenecks due to high demand. These networks are ill-equipped, so they pass on the cost to users, who end up paying higher transaction fees. Algorand is designed to address these issues right out of the box. It eliminates all intermediaries and middlemen, which stops delays and lowers fees for users.
How much does Algorand charge in fees?
The Algorand network charges less than $0.001 per transaction. Transactions take 4.5 seconds to complete.
Who keeps Algorand transaction fees?
The transaction fees are held by the Algorand Foundation for now. The foundation has stated that it will engage with the community in the future on how best to leverage the accumulated fees to support the ecosystem.
How does Algorand pay dividends?
Users who hold (stake) their coins as collateral in the official Algorand wallet can earn dividends from the network. Every address that holds at least 1 ALGO is eligible to earn rewards, which are distributed after every 500,000 blocks. The Algorand Foundation adjusts the reward amount over time to account for the dwindling supply of ALGO. As an example, the reward per block was 26 ALGO in June 2020.
What will be the incentive for staking when the Algorand token supply runs out in 2030?
The rewards program is under review as part of the discussion the Algorand Foundation is having with the community about decentralisation. As of August 2021, Algorand has not yet finalised its decision on the matter.
Are there rewards for running relay nodes?
Not at the moment. The Algorand Foundation initially granted token rewards to early backers and organisations that ran relay nodes to help bootstrap the network, but that program was closed to the public.
Where can I buy Algorand?
Several major platforms list ALGO trading pairs. It is also possible to trade ALGO derivatives using broker platforms.

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