In this year of 2021, almost everyone who is directly or indirectly related to cryptocurrency is quite aware of what a Blockchain-based network is. Everyone is aware of blockchains that of Ethereum and Bitcoin. But since the inception of these blockchains, people have complained about one thing about its working and i.e. delay in transactions. As a result, people are looking for networks with more efficiency. So here we are discussing the Algorand blockchain network, its price development since its creation, and ultimately Algorand price prediction in 2021.
So let’s get straight into it…
What is Algorand?
Unlike other blockchain networks, Algorand is designed and developed by a group of teachers instead of technicians. Created in 2017 by an MIT professor and Turing award winner, Silvio Micali, the platform is a decentralized blockchain network used for developing decentralized apps and smart contracts.
The network is purely based on proof-of-stake blockchain protocol making it permission-less, unlike proof-of-work protocol. The platform has its own coin, ALGO whose price history is a story in itself.
Algorand hosted an auction in June 2019 and earned a whopping $60000000 against 25000 ALGO tokens. Because of the same, the token kick-started its trading journey at $2.40 per coin. The price dropped and valued at $1.43 per token at the end of July. By the end of 2019, the price fell to $0.23. In the next 2 months, the price rose to $0.45 then fell even below $0.15 by March 2019. Ultimately it said goodbye to 2020 with the price of $0.33 per token. Its price is literally having a good time on a see-saw.
Algorand Price Prediction
At the time of writing this piece, ALGO is trading at $0.90 with a 24 hrs decrease of 10%. The price shows that the token has made significant progress since the start of this year. Let’s look at some of Algorand Price predictions.
- DigitalCoinPrice predicts that by the end of 2021, ALGO will trade nearly at $1.92 while showing a profitable graph. Its analytics also predicts that by the end of 2025, Algorand can touch $3.89.
- Walletinvestor says that by the end of this year, the said coin will touch the $2.302 mark, making it a profitable investment.
- Coin Arbitrage predicts that the said coin will eventually trade around the range of $2.50 and $8 by Dec 2021 and Dec 2024 respectively.
When we analyze all the above Algorand Price predictions, we can see that Algorand can be a good investment for the rest of 2021 and more. But it is advisory to do your own research before investing in any cryptocurrency.
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