Algorand is an autonomous blockchain network with a focus on scalability. It was founded by Silvio Micali, a Turing Award recipient and MIT professor.
Algorand mainnet went live in June 2019. The native coin of Algorand, ALGO, plays a crucial role in securing the network and rewards the participants for doing so.
Employing a pure PoS consensus mechanism, Algorand poses itself as a pragmatic alternative to Bitcoin.
This article is your go-to guide to the Algorand platform and its gas token ALGO. I will take a deep dive into the key features of the ecosystem and the economics of its utility token.
I will cover the past performance of ALGO, and its future price forecasts and tell you where and how you can buy them. Let’s kick things off right away.
Algorand (ALGO) Key Features
| Proof of Stake (PoS) | Algorand uses a permissionless pure PoS protocol, improving efficiency and saving some energy. |
| Low Charges | Algorand offers lower transaction fees compared to other platforms. |
| Scalability | Algorand is designed with a focus on scalability and efficiency, making it suitable for real-world applications. |
| Security | The platform maintains decentralization, allowing for a reliable and secure network. |
| Fast Transactions | Thanks to faster verification, Algorand offers faster transactions, making it ideal for a variety of uses. |
Algorand (ALGO) Tokenomics
The supply of ALGO is capped at 10 billion tokens. The total supply is 8,047,771,768 and all of it is currently in circulation. At today’s prices, the fully diluted market capitalization stands at $2.1 billion.
Algorand (ALGO) Past Performance
Starting its journey in June 2019, ALGO has been traded for as high as $3.28 and as low as $0.0876.
While I am penning this article, ALGO is traded for $0.2116, up 1.85% from yesterday, with a market capitalization of $1.7 billion. The 24-hour trading volume stands at $72 million.
Algorand (ALGO) Price Forecast 2024
The quantitative analysis of ALGO prices indicates a strong bullish sentiment about the token. The Fear & Greed Index is at a high 82 signaling extreme greed in the market.
Algorand has stayed 20 (67%) out of the past 30 days in the green territory with a moderate 8.41% price volatility.
According to our experts, the price of Algorand is predicted to rise by 0.74% and reach $ 0.211450 by the end of next week.
Algorand (ALGO) Price Forecast 2025
Moving ahead to 2025, the price of ALGO is expected to fall between $ 0.175 on the lower side and $ 0.305 on the higher side.
If we compare the upper price target with today’s price, this would mean a gain of 44.35% by the end of the year.
Algorand (ALGO) Price Forecast 2030
Talking about 2030, the ALGO tokens are expected to trade between $ 0.127 and $ 0.662 and we are biased toward the right side of the price target. This would be translated into as high as a 213.18% return on investment.
Where to Buy Algorand (ALGO)
You can get your ALGO tokens from a centralized exchange like Binance, Coinbase, OKX, Bybit, KuCoin, Gate.io, HTX, and Kraken.
How to Buy Algorand (ALGO)
If you are new to crypto trading, you can try OKX to buy ALGO. It’s fairly easy to use and offers some handy features.
- Go to the OKX website and sign up for a free account. Enter your personal information, and complete the KYC.
- Load your OKX wallet with Tether. You may choose to deposit a fiat currency and convert it into USDT.
- Navigate to the trading window, enter ALGO/USDT in the search bar, and select it from the drop-down list.
- Choose ‘limit order’, and enter the number of tokens you want to purchase.
- Click ‘buy’, and after verifying the details, click ‘confirm’.
- You can now find the tokens on your OKX wallet.
Conclusion
Algorand has made some serious interest among developers and crypto enthusiasts thanks to its innovative features. The credibility and proven cryptographic background of its founder have also added some value to the platform.
Though ALGO is still trading below its opening prices, it can be seen that starting from November 2023, the market has started to accept the platform’s value. Our analysts are optimistic about the token’s performance shortly.
That being said, it is still important to pay attention to the fact that the crypto market, since its inception, has remained volatile and owing to its still novel nature, is expected to remain like that in the foreseeable future.
The reader is cautioned to exercise extreme prudence while looking for investment opportunities in crypto assets. Moreover, stay away from leveraged instruments and diverting your life savings into the market.
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