With ALGO 70% Below Its Peak, Should You Buy the Dip?
Investors are eager to know ALGO crypto's price prediction as the Algorand blockchain's adoption expands amid the NFT and DeFi boom.
Aug. 17 2021, Published 5:18 a.m. ET
Algorand (ALGO) has gained about 15 percent over the past month but is still 70 percent below its all-time high, putting it on the radar of investors seeking cryptocurrencies that could explode. What's Algorand (ALGO) crypto's price prediction, and is it a good investment?
Bitcoin’s success has inspired numerous cryptocurrencies. While many are focused on serious projects to solve the world’s problems, some are nothing more than online jokes that might not end well for investors.
What's Algorand, and how does it work?
Algorand is another Ethereum blockchain competitor. It powers smart contracts and enables developers to build and launch NFTs and tokens. Algorand, built by MIT computer science professor Silvio Micali, uses a proof-of-stake model. Its native cryptocurrency, ALGO, facilitates transactions on the network.
How many ALGO coins are there, and is the supply capped?
Some 3.3 billion ALGO coins are presently circulating, and the maximum supply is 10 billion coins. Risk-averse investors are often attracted to cryptocurrencies with a capped supply because they can protect against inflation.
Is Algorand a good investment at its current price?
Algorand has focused on enabling faster and cheaper blockchain transactions to offer a better experience to developers than rival networks. Institutional digital assets lender Genesis Global Capital recently announced that it will offer its lending service on the Algorand network, offer loans in ALGO, and accept Algorand’s cryptocurrency as loan collateral.
Globally, more than 700 organizations have adopted Algorand’s technology, and the list is growing amid the NFT and DeFi boom. As the Algorand platform's adoption grows, demand for ALGO is set to increase, lifting the crypto.
ALGO is presently at about $0.95 after dropping more than 30 percent in the past three months. It's 70 percent below its peak of $3.28, offering bargain hunters a chance to buy the dip.
Algorand's (ALGO) price prediction, and when it could reach $10
On average, ALGO has climbed 20 percent per month in 2021. If it continues to grow at that rate, ALGO could reach $2 by the end of 2021. Even if the crypto grows just 5 percent compounded monthly, it could be worth $10 by 2025.
The best way to buy Algorand (ALGO)
If you like ALGO’s outlook, you might want to take advantage of the dip to add the cryptocurrency to your portfolio. The best places to buy Algorand with the U.S. dollar are Coinbase, Binance, Kraken, Bitfinex, and eToro.