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

Founded by a professor of computer science at Massachusetts Institute of Techlogy, Silvio Micali, Algorand was designed to facilitate efficient transactions and works upon proof-of-state blockchain protocol. A 24-hour low and high of cryptocurrency are $1.30 and $2.17 respectively, showing a rise of more than 50% from 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 price of a cryptocurrency for long term is very difficult as market is highly volatile, owing to decentralized nature of digital currency. According to WalletInvestor, price of Algorand will rise up to $2.008 in next year and up to $4.850 by 2026. According to Longforecast.com, price of ALGO might rise to $2.5 by end of this year, i.e. December 2021. Additionally, platform predicts that price will be in range of $2.10 and $2.40 at beginning of 2022. Ecomy Forecast ncy also predicts that ALGO prices will surge up to $2.38 by end of December this year.

Why is Algorand going up?

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

Is Algorand ALGO a good investment?

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