Algorand is a layer-1 smart contract blockchain focused on scalability, security, and decentralization. Given its innovative design, it quickly became one of the most popular cryptocurrencies.

However, the price has fallen significantly since the peak and is currently down -97% from the all-time high (ATH) of $0.09553. Algorand price prediction looks at whether ALGO can recover, or if its days of success are behind it.

Algorand Price History

Algorand was founded in 2017 by MIT professor Silvio Micali and released the first Algorand white paper in 2019. The white paper highlights the inefficiencies of Bitcoin and Ethereum in terms of scalability and decentralization, proposing an alternative system that uses unique blockchain consensus mechanisms and governance structures to enhance scalability and decentralization.

Algorand launched its ICO in 2019 at a price of $2.4 per ALGO, raising $122.4 million, becoming one of the best-pre-sold projects at the time.

CoinMarketCap data shows that the Algorand token began trading in June 2019 and reached $3.28 on June 21, 2019. The price subsequently dropped significantly, hitting a low of $0.01263 on March 17, 2020. However, as the crypto bull market picked up in 2021, Algorand’s price increased, reaching $2.3811 on September 13, 2021.

The price has since fallen sharply, in part due to the SEC classifying ALGO as a security amid some recent lawsuits.

Another factor affecting ALGO’s price is that its largest DeFi application, Algofi, was shut down due to a series of adverse events that prevented it from meeting expected standards. dApps account for more than 50% of the value of the Algorand ecosystem, greatly impacting Algorand’s growth.

Algorand is currently trading at $0.095, up 9% from its all-time low of $0.08761 on September 12, 2023. The current market cap is $746,347,907 with a float of 78% and a fully diluted market cap of $953,402,067.

While Algorand prices have undoubtedly caused hardship for holders, there could also be significant upside potential if prices recover.

Algorand Price History Highlights

• Algorand launched its ICO in 2019, raising $122.4 million at a price of $2.4 per ALGO.
• In June 2019, its shares hit $3.28.
• The price is unable to regain the highs of $2.3811 during the 2021 bull run.
• Algo is currently trading at $0.095, -97% below ATH.

Algorand Price Prediction for 2024

Looking ahead to 2024, the factors that will have the biggest impact on Algorand’s price are its use cases, narrative, and investor sentiment, as well as the network’s transaction volume and number of active users. data. We'll use these factors to determine its 2024 price potential.

First of all, it is important to note that due to the four-year cycle market theory based on the Bitcoin halving that occurs every four years, many experts predict that the cryptocurrency market will be in 2024. Strong year.

While this event may be good for the price of the top cryptocurrency, it does not guarantee a new ATH, and we do not think Algorand can recoup its ATH during the last bull run.

Algorand is a secure, decentralized, and scalable Ethereum competitor that can handle up to 6,000 transactions per second. Given that Ethereum gas fees often spike during bull markets, cryptocurrency users may look to Algorand as a cheaper alternative.

Nonetheless, Algorand’s TVL has dropped to $99 million after peaking at over $300 million in 2022.

Additionally, the number of daily active addresses on Algorand is also in trouble, currently at 20,000, down 66% from a year ago.

These factors, along with the struggling Algorand price, were the main reasons for Algofi’s collapse and the negative sentiment among investors. Therefore, even if market conditions improve, Algorand's upside potential is limited.

However, there are also some factors that could help improve investor sentiment and ALGO price in 2024.

First, continue to implement technology upgrades. Recently, Algorand implemented an upgrade that cut the network’s block time in half. This shows that despite the challenges, the project still has the resources to move forward.

Additionally, Algorand is one of only nine cryptocurrencies that complies with the ISO 20022 standard. ISO 20022 is an international protocol standard that will be used to transfer value and data across borders.

The standard is expected to be adopted by all major banks worldwide. Since only 9 cryptocurrencies are ISO 20022 compliant, banks can easily connect with these blockchains, allowing them to inject significant liquidity into their ecosystems.

While the ISO 20022 standard is unlikely to be fully launched before 2025, the story behind it may help boost ALGO prices. This is clear from the perspective that the XRP price is driven purely by the global banking industry’s narrative of cross-border payments.

XRP’s market cap is currently over $27 billion, while ALGO’s market cap is just over $700 million. However, Algorand can offer better features than XRP due to its smart contract capabilities.

With this in mind, our Algorand price forecast predicts that by the end of 2024, the lowest price is likely to be $0.15, the highest price will be $0.5, and the average price will be $0.32.

Algorand Price Prediction for 2025

Going into 2025, we expect Algorand to continue on a bullish trajectory. However, two major factors limit its potential growth. They are ongoing regulatory issues with the SEC and its efforts to attract users, liquidity and growth.

Still, with nearly 80% of the token already in circulation and already experiencing significant selling pressure, Algorand’s bullish demand is likely to exceed supply.

With the emergence of CBDC, Algorand focuses on payment facilitation. This could allow Algorand to recoup much of its losses in the coming bull run.

This is furthered by the anticipated ISO 20022 framework, which is likely to come into full effect in 2025, allowing banks to easily enter the cryptocurrency space.

With this in mind, our Algorand price forecast estimates a possible low of $0.25, a high of $0.65, and an average price of $0.45 by the end of 2025. If correct, this would be a 40% upside from our 2024 forecast.

Algorand Price Prediction 2030

Predicting the long-term price of Algorand is challenging because, on one hand, it has innovative and adaptive technology. But at the same time, it also faces many challenges that threaten its longevity.

If it achieves its goal of promoting safe, decentralized, and secure payments and supporting a thriving DeFi ecosystem, we may see ALGO climb to as high as $1 close.

However, it is important to consider the various risks we have discussed. Any of these risks could send Algorand to new lows.

Despite this, our forecast for Algorand price in 2030 remains bullish, estimating a possible low of $0.4, a high of $1, and an average price of $0.7. This equates to a 55% price increase in 2025.

Possible lows and highs for Algorand price

Algorand is probably one of the best high-potential cryptocurrencies considering its low price. However, it must first overcome some obstacles. With that in mind, here’s our summary of Algorand price predictions.

What other analysts predict for Algorand

As an unstable cryptocurrency, many analysts have different predictions for its future. We've compiled some of the most important analyzes below.

What is Algorand and what is it used for?

Algorand aims to be the “Ethereum killer”, providing a faster, more scalable alternative while maintaining high standards of security and decentralization. The key to its network is the PPoS consensus mechanism, which is more decentralized and secure than Ethereum’s Delegated Proof of Stake mechanism.

PPoS uses only a fraction of the energy compared to Bitcoin’s proof-of-work mechanism, making Algorand a potential candidate for institutions amid the growth in ESG-compliant investing Popular choice.

The network supports smart contract functionality, enabling developers to build decentralized applications in a fast and low-cost environment. Some of the most popular dApps include Folks Finance, Lofty, and Pact. Each of these is focused on DeFi.

ALGO coins are used for staking, transaction fees, and voting on network changes.

Algorand Overview

##What factors affect the price of Algorand?

Since ALGO is the native token of the first-tier blockchain, utility-driven demand is one of its primary price drivers. This comes from Algorand network users purchasing tokens to pay for network gas fees. However, with Algorand’s low gas fees and its largest dApp recently shutting down operations, there isn’t much utility-driven demand to drive the token’s price right now.

Instead, many investors may want to purchase ALGO to vote on the future of the network. This is especially true considering that it is one of only nine cryptocurrencies that complies with the ISO 20022 standard.

The final source of demand is speculative demand. This is driven by investor sentiment and whether they believe prices are undervalued or overvalued. Investor sentiment has been poor recently due to its regulatory issues and lack of momentum in ecosystem development.

Supply is another factor that affects the price of Algorand. Considering its heavily discounted price and the fact that its maximum supply is already close to 80%, Algorand may not experience significant selling pressure in the future. This could allow buyers to take control and push prices higher.

Is Algorand worth buying?

Algorand experienced significant difficulties during the recent bear market, which saw its ATH drop by -97%. Still, it has an impressive technology stack and continues to innovate.

As banks turn to CBDC, its status as an ISO 20022-compliant cryptocurrency could allow it to capture significant new liquidity flowing into cryptocurrencies. With this in mind, Algorand may be well positioned to become one of the best cryptocurrencies to buy in 2024.

Conclusion

While not without risks, our Algorand price prediction finds that ALGO could rise to as high as $1 by the end of 2030. If correct, this would amount to a 946% increase from current prices.

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