Algorand Price Prediction 2024, 2025, 2030

Algorand is a layer one 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 sold off significantly since its peak, currently -97% from its all-time high (ATH) at $0.09553. This Algorand price prediction looks at whether ALGO can recover or if its days of success are behind it.

Algorand Price History

Algorand was founded by MIT Professor Silvio Micali in 2017, with the first Algorand whitepaper released in 2019. The paper highlights Bitcoin and Ethereum’s inefficiencies in scalability and decentralization, proposing an alternative system using a unique blockchain consensus mechanism and governance structure to bolster scalability and decentralization.

Algorand launched an ICO in 2019 at $2.4 per ALGO and raised $122,400,000, making it one of the best presales at the time.

CoinMarketCap data shows that the Algorand coin began trading in June 2019 and reached its $3.28 ATH on 21 June 2019. The price then dumped significantly, reaching lows of $0.01263 on 17 March 2020. However, as the 2021 crypto bull market picked up, Algorand pumped, reaching $2.3811 on 13 September 2021.

Since then, the price has significantly sold off, partly due to the SEC classifying ALGO as a security in some of its recent lawsuits.

Another factor that damaged ALGO’s price was that its biggest DeFi application, Algofi, shut down due to a string of adverse events, rendering it unable to perform to its expected standard. The dApp held over 50% of the value within the Algorand ecosystem, massively impacting Algorand’s growth.

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

While the Algorand price has undoubtedly caused difficulties for holders, it also opens the possibility of massive upside potential if it recovers.

Key Points of Algorand’s Price History 

• Algorand launched an ICO in 2019, raising $122,400,000 at $2.4 per ALGO.
• It reached an ATH of $3.28 in June 2019.
• The price could not reclaim its ATH in the 2021 bull market, peaking at $2.3811.
• Algo is currently trading at $0.095, -97% from its ATH.

Algorand Price Prediction 2024

Looking ahead to 2024, the things that will affect the Algorand price the most are its use case, narrative and investor sentiment, and the network data like transaction volume and number of active users. We will use these factors to determine its 2024 price potential.

Firstly, it is important to note that many experts predict that the crypto market will perform strongly in 2024 due to the four-year cycle market theory based on the Bitcoin halving that occurs every four years.

While this event may benefit prices of the top cryptos, it does not guarantee new ATHs, which we saw as Algorand could not reclaim its ATH in the last bull market.

Algorand is a secure, decentralized, and scalable Ethereum competitor, facilitating up to 6,000 transactions per second. Considering Ethereum gas fees often soar during bull markets, crypto users may seek Algorand as a cheaper alternative.

That said, Algorand’s TVL has declined to $99 million after peaking at over $300 million in 2022.

Furthermore, the number of daily active addresses on Algorand is also struggling, currently at 20K, down 66% from one year ago.

These factors and the struggling Algorand price are key reasons Algofi closed down and has generated negative investor sentiment. Consequently, Algorand’s upside potential is limited, even if market conditions improve.

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

Firstly, it is continuing to implement technical 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 progress development.

What’s more, Algorand is one of only nine ISO 20022-compliant cryptocurrencies. 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 globally. With only nine cryptos being ISO 20022 compliant, this could pump significant liquidity into their ecosystems due to the ease at which banks can connect with these blockchains.

While the ISO 20022 standard is unlikely to be in full swing until 2025, the narrative behind it could help bolster the ALGO price. This is evident in the XRP price being purely driven by the narrative of cross-border payments for global banking.

XRP’s market cap currently sits at over $27 billion, while ALGO’s is just over $700 million. However, Algorand arguably offers much better functionality than XRP, thanks to its smart contract capabilities.

With this in mind, our Algorand price prediction forecasts possible lows of $0.15, highs of $0.5, and an average price of $0.32 by the end of 2024.

Algorand Price Prediction 2025

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

Nevertheless, with almost 80% of tokens already in circulation and having already experienced significant sell pressure, Algorand’s bull market demand will likely outpace supply.

With the emergence of CBDCs, Algorand has greatly focused on facilitating payments. This could enable Algorand to reclaim a significant portion of its losses in the upcoming bull market.

This is furthered by the anticipated ISO 20022 framework, which will likely come into full effect in 2025, enabling banks to easily on-ramp into crypto.

Considering this, our Algorand price prediction 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 equate to a 40% increase from our 2024 forecast.

Algorand Price Prediction 2030

Predicting Algorand’s long-term price is challenging because, on the one hand, it features innovative and adaptive technology. Yet, at the same time, it faces numerous challenges, posing a threat to its longevity.

Provided it achieves its aim of facilitating secure, decentralized, and secure payments and supporting a thriving DeFi ecosystem, we may see ALGO climb toward the $1 mark.

However, it is important to consider the various risks that we have discussed. Any of these risks could potentially result in Algorand capitulating to new lows.

Despite this, our 2030 Algorand price prediction remains bullish, estimating possible lows of $0.4, highs of $1, and an average price of $0.7. This would equate to a 55% increase from its 2025 price.

Possible Lows and Highs of the Algorand Price

Considering its low price, Algorand could be one of the best high-potential cryptos. However, there are several obstacles which it must first overcome. With that in mind, here is our Algorand price forecast summary.

What Do Other Analysts Predict For Algorand

As a volatile crypto, many analysts have varied predictions about its future. We have compiled some of the most prominent analyses below.

What Is Algorand and What Is It Used For?

Algorand aims to be an “Ethereum killer,” offering a faster and more scalable alternative while maintaining a high standard 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 also uses a fraction of the energy compared to Bitcoin’s Proof-of-Work mechanism, making Algorand a potentially popular choice for institutions amid the growth in ESG-compliant investing.

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 are Folks Finance, Lofty, and Pact. Each of these is focused on DeFi.

The ALGO coin is used for staking, transaction fees, and voting on changes to the network.

Algorand Overview

What Influences the Algorand Price?

Since ALGO is a layer one blockchain’s native coin, utility-driven demand is one of its main price drivers. This is derived from Algorand network users buying the coin to pay network gas fees. However, since Algorand gas fees are minimal and its biggest dApp recently closed operations, there is not currently much utility-driven demand pushing the coin’s price.

Conversely, many investors may want to purchase ALGO to vote on the network’s future. This is particularly true considering it is one of only nine ISO 20022-compliant cryptos.

The final demand source is speculative demand. This is driven by investors’ sentiment and whether they believe the price is under or overvalued. Due to its regulatory issues and lack of traction regarding its ecosystem development, investor sentiment has been poor recently.

Supply is another factor influencing Algorand’s price. Considering its massively discounted price and the fact that almost 80% of its max supply already exists, Algorand may not experience significant selling pressure looking ahead. This may allow buyers to take control, pushing up the price.

Is Algorand a Buy?

Algorand has experienced significant difficulties throughout the recent bear market, leading to a -97% drop from its ATH. Nevertheless, it boasts an impressive technology stack and has continued innovating.

Its placement as an ISO 20022-compliant crypto could enable it to capture massive new liquidity flowing into crypto as banks move to CBDCs. With this in mind, Algorand may be perfectly positioned to become one of the best cryptos to buy in 2024.

How to Buy Algorand

While there are many ways to buy Algorand, one of the most user-friendly ways with low fees and jam-packed full of features is Binance. The steps below explain how to buy Algorand on Binance in ten minutes or less.

Step One: Open an Binance Account

Visit the Binance website and click the Register button on the screen. After completing the signup, fill in your details and provide a copy of a government-issued document like a passport or driver’s license.

Step Two: Deposit Funds to Binance

Once you have signed up and verified your ID, select the Deposit Funds button at the bottom left of the screen, choose your preferred payment method, and then make the payment.

Step Three: Search for Algorand

Head to the search bar at the top of the screen and search for Algorand, then select the Trade button.

Step Four: Complete the Purchase

Choose the amount of ALGO you want and tap the Confirm button to complete the purchase.

Conclusion

While not without risk, our Algorand price prediction found ALGO could rise to highs of $1 by the end of 2030. If correct, this would equate to a 946% increase from its current price.

We also found that the best place to buy Algorand is on Binance due to its low fees, high liquidity, and advantageous features like copy trading.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

References

https://algorand.com/technology/white-papers/
https://icodrops.com/algorand/
https://coinmarketcap.com/currencies/algorand/
https://finance.yahoo.com/news/algorand-flow-crash-time-lows-194116359.html
https://www.coindesk.com/business/2023/07/11/defi-protocol-holding-55-of-algorand-value-to-shut-down/
https://www.cnbc.com/2023/08/28/bitcoin-trading-volume-is-at-its-lowest-in-more-than-four-years.html
https://www.cnbc.com/2023/04/12/bitcoin-halving-is-one-year-away-that-could-suggest-another-bull-run.html
https://defillama.com/chain/Algorand
https://messari.io/project/algorand/charts/addresses/chart/act-addr-cnt
https://finance.yahoo.com/video/blockchain-plays-future-money-payments-171511474.html

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Elliott Lee

Editor

Elliott Lee

Editor

Elliott is a British cryptocurrency journalist and copywriter. Having spent the past couple of years immersed in everything crypto, he now spends his time researching the most impactful cryptocurrency trends. He looks for projects with long-term visions and is a huge believer that blockchain technology can solve the world's most pressing issues.

All Articles by Elliott Lee