Algorand crypto price prediction: Can ALGO pull off a comeback?

Follow us on Google News:
 Algorand crypto price prediction: Can ALGO pull off a comeback?
Image source: Pixabay.com

Highlights

  • ALGO crypto did not rise as high as Solana last year, but it was still profitable
  • In 2022 so far, the price is down, but this is the case with almost every cryptocurrency
  • Tinyman, a DeFi on Algorand network, suffered an attack earlier this year

The cryptocurrency investment world is under pressure. All major cryptos are widening their losses on fears of upcoming rate hikes by the Fed and murmurs around their unjustifiably high valuations.

In this light, how might the promising blockchain networks including Ethereum, Solana and Algorand behave in the near-to-medium term? Is there a chance for reversal of fortune?

Let’s see whether Algorand’s ALGO token can rebound.

Algorand price in 2021

The so-called Ethereum-killer cryptocurrency, ALGO did not have a great year in 2021. Another Ether rival Solana rose more than 10,000 per cent in the same year.

Though ALGO wasn’t the best performing crypto, it still managed to go from nearly US$0.4 on January 1, 2021 to nearly US$1.6 by the end of the year. What could have supported this rally is the promise that Algorand can make blockchain transactions speedier and more efficient.

But the same promises are also the biggest USPs of other networks like Cardano and Solana.

Also read: Top cheap cryptocurrencies with high market cap

Algorand price in 2022

In 2022 so far, there are two ways to look at ALGO price. From US$1.6, the price is down to US$0.9 as of now, but over the past 24 hours, Algorand trading volume is up by almost 25 per cent.

Also read: Polygon 2025 price prediction: Can MATIC stave off competition?

Algorand price prediction

There have been two recent developments.

First, a decentralized finance (DeFi) platform, Tinyman, which uses Algorand’s network, reported that it suffered an attack where hackers exploited its liquidity pool. Second, there are reports that Algorand may offer increased incentives to ALGO holders in the first quarter of 2022.

Price therefore would depend on a range of factors. One, if the wider cryptocurrency world can emerge from the ongoing correction, Algorand may also gain. Two, Algorand’s blockchain network would have to demonstrate capability to become the preferred proof-of-stake network.

If things go well on these two counts, ALGO may reach US$2 by the end of first quarter.

Algorand price in 2022

Data provided by CoinMarketCap.com

Bottom line

Predicting prices of cryptos is difficult considering the underlying hyper-volatility. ALGO may rise if it can prove its superiority over others and if Bitcoin and other major cryptos can pull off a comeback.0

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK