Algorand price prediction: Why is Algorand going up? Is ALGO a good investment? Check

With a market cap of more than $10 billion, Algorand is among the top 20 cryptocurrencies in the world. The ALGO coin has a 24-hour trading volume of over $4 billion and has seen a near 50% rise in the same period. At 07:30 PM IST on September 8, 2021, the price of the Algorand coin was around $1.30.  While compiling this report at 07:30 AM IST on September 9, 2021, the price is $1.99.

Founded by a professor of computer science at the Massachusetts Institute of Technology, Silvio Micali, Algorand was designed to facilitate efficient transactions and works upon the proof-of-state blockchain protocol. A 24-hour low and high of the cryptocurrency are $1.30 and $2.17 respectively, showing a rise of more than 50% from the lower value. However, Algorand has yet to break even with its all-time-high on June 21, 1019, when its price was recorded to be $3.28. 

Algorand price prediction 2022-2025

Predicting the price of a cryptocurrency for the long term is very difficult as the market is highly volatile, owing to the decentralized nature of the digital currency. According to WalletInvestor, the price of Algorand will rise up to $2.008 in the next year and up to $4.850 by 2026. According to Longforecast.com, the price of ALGO might rise to $2.5 by the end of this year, i.e. December 2021. Additionally, the platform predicts that the price will be in the range of $2.10 and $2.40 at the beginning of 2022. The Economy Forecast Agency also predicts that ALGO prices will surge up to $2.38 by the end of December this year.

Why is Algorand going up?

Most recently, a central American country El Salvador legalised Bitcoin, alongside the dollar. According to reports, Algorand was also at play during the adoption of Bitcoin. A company called Koibanx teacher out to the government in El Salvador and asked them to adopt more blockchain-based solutions, upon which the authorities agreed and the company started building an infrastructure record upon Algorand.

Is Algorand ALGO a good investment?

Currently, Alogrand holds the 18th position in the crypto market and is showing a 76% increase in price in the last seven days and an even steep rise of nearly 50% in the last 24 hours. Reports and predictions suggest that Algorand will rise to almost $2.5 by the end of this year, and hence it might prove to be a good investment. ALGO coin is one of the few cryptocurrencies that are showing a positive growth rate in the last 48 hours when most of the digital currencies' value declined by considerable margins.