Algorand Price Prediction 2023. Should I buy ALGO?

How much Algorand will be worth in 2023? To find out, dive into our complete ALGO price prediction for year 2023 and beyond! ALGO price, technical indicators, and exchanges.

This year has been a tough sail for Algorand since May 2022, when Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of ALGO.

With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Algorand to reclaim its all-time high of ath in 2023? Continue with the article to learn about Algorand price analysis and prediction by Coinpaper.

Read also: Aave Price Prediction 2023. Should I buy AAVE?

What is Algorand?

Algorand is a proof-of-stake blockchain that supports smart contracts functionality and tries to solve the blockchain trilemma of scalability, decentralization and security. Algorand can currently process up to 1,300 TPS and boasts transaction fees of fractions of a penny. The so-called “pure” PoS model of the blockchain randomly selects validators from the participating ALGO holders to add the next block to the chain. The native token of Algorand is called ALGO and is used to incentivize validators and pay for transaction fees on the network.

Algorand (ALGO) price

Currently, Algorand Price is USD. ALGO has a circulating supply of coins and a total supply of . If you are looking to buy or sell Algorand, Binance is currently the most active exchange.

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Algorand price prediction 2023

The current market sentiment is full of fear, uncertainty, and doubt (commonly known by acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen it in the aftermath of Terra implosion.

According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now it seems that the industry has absorbed most of the damage.

Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.

Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Algorand 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Algorand price at $0.38 to $0.49. On the flip side, the unfavorable macro and ongoing FTX bankruptcy process may push the price of Algorand to $0.19-$0.13 lows.

Algorand price prediction 2024

In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Algorand (ALGO) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.

Keeping this in mind, we foresee the price of Algorand to climb as high as $0.65, with the more distant prospect of reaching $0.84 in 2024. The bearish scenario is likely to see Algorand (ALGO) trading between $0.51 and $0.43 in 2024.

Algorand price prediction 2025

Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Algorand (ALGO) price analysis and prediction is based on pure speculation and observation of Algorand historical price movements.

Our Algorand 2025 price forecast expects ALGO to rally towards $1.24 and reach $1.53 by the end of the year. The bearish scenario would see Algorand at $1.11 to $0.91.

Algorand (ALGO) price prediction 2026

Looking ahead four years, to 2026, Coinpaper price prediction for Algorand is decidedly bullish. In 2026, we expect Algorand to reach at least $2.07 before climbing higher to $2.35. In case of bearish scenario, Algorand may fall to $1.69.

Is Algorand (ALGO) a good investment?

As a so-called Ethereum killer, Algorand has a good growth potential in the next bull run and can be a good addition to your altcoins portfolio. Since its inception in 2019, this blockchain experienced zero downtime, never forked, and is very developer-friendly for its support of multiple programming languages. However, bear in mind that investing in cryptocurrencies carries a high degree of risk, so make sure to do your own research before investing in any token.

Bottom line

Are you ready to invest in Algorand? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.

You can buy ALGO from many crypto exchanges, including Binance

Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.

FAQs

Who created Algorand?

Algorand was founded by Silvio Micali, a professor of computer science at the MI, and a 2012 recipient of the Turing Award.

What was the all-time high for Algorand (ALGO) ?

The all-time high price of Algorand is $ on 2019-06-20