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How much will Algorand be worth?

algorand worth

February 8, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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Algorand is a one-of-a-kind blockchain platform. It seeks to provide fast and secure transactions without compromising its decentralization. The currency is a pure proof-of-stake and permissionless public blockchain offering a boundless and sustainable platform for everyone. As a result, it promises to achieve the perfect blockchain trifecta of a decentralized, fast and secure platform. 

The ALGO team continues to develop and update the algorand protocol. So far, it has already attracted an investment of over $60 million and sold about 25 million ALGOs. Many major cryptocurrency exchanges have included it in their catalog, even before the conclusion of its opening range of transactions. Due to its promising future, many people are willing to invest in algorand. Without further ado, let us find out how much will algorand be worth in the future.

What will Algorand be worth?

As mentioned earlier, algorand aims to set new standards for cryptocurrency. It features a new open code protocol that employs a new consensus mechanism for fast and scalable transactions. The platform consists of a permissionless pure proof-of-stake that scales billions of users. As a result, its scalability allows 1000 users to complete transactions per second. The platform provides a transaction approval rate of less than five seconds. 

Thanks to its new technology, algorand cryptocurrency can effectively serve as a global payment system. It can also compete against MasterCard, VISA, IoT, as well as in micropayments. In June 2019, a public sale of ALGO tokens took place in the form of a Dutch auction. ALGO accumulated $60 million worth of investments from the auction and sold 25 million ALGO tokens. As a result, the average price of the ICO token was $2.4 and $0.1 for 1 ALGO token sold in a private auction. 

Since the auction, algorand has had a steady decline with a consistent percentage. But, there is a constant 24hr market cap fluctuation that aids in maintaining its under 50 ranking. As of February 2021, ALGO's current price is $0.65. It has held this price since its launch or for the past year. 

We used a custom deep learning algorithm that factors several variables. Some of these variables include market cycles, price changes, similar coins, and volume changes. Thus, this system aids in deciding whether ALGO is a good investment for the future. According to the algorithm, the future price of ALGO has an estimate of $0.68352 after one year.

Algorand price analysis

The highest trading price of algorand cryptocurrency in 2020 was $0.47. Since its launch and listing, this cryptocurrency has experienced plenty of fluctuations. Thus, by calculating its current price against the 2020 year record, you can easily predict the current and future cost of algorand.

Furthermore, the launch of ethereum 2.0 will bring more attention to pos based cryptocurrencies. So, there will be more engagement from the crypto community. With this development, algorand may finally cross over the $1 mark in the future. For example, if you buy ALGO at $0.50, you may get 376% investment returns.

Currently, algorand has the 43rd position in the global cryptocurrency rating with an $811 billion market capitalization. With a total coin supply of 10 billion, the currently available supply stands at 1,245,095,034 ALGO coins.

Can you mine algorand?

Algorand is a non-mineable coin as it uses a proof-of-stake consensus mechanism. This means it is possible to earn ALGO rewards by staking algorand in your wallet and having its nodes online. The algorand platform supports two kinds of nodes: participation and relay. The relay nodes are responsible for enabling communication between the participation nodes. They are also hardware intensive and do not take part in decision making or voting. 

The algorand cryptocurrency is fully decentralized. Yet, the algorand foundation holds most ALGO tokens, giving it immense control. Luckily, the blockchain platform will be more decentralized in future. The foundation continues to liquidate its position in the coming months. 

How to buy algorand cryptocurrency

Upon determining how much will algorand be worth in the future, it is safe to say that it is a profitable investment venture for crypto enthusiasts. There are many ways to buy algorand. You can opt to buy it from the internet or another individual in person. 

But, the most efficient way is to buy it from a cryptocurrency exchange. Examples of exchanges that list algorand include Coinbase, crypto.com, Binance, and Kraken. So, how do you purchase algorand from an exchange?

1. Sign up for an account

Depending on your preferred exchange, creating an account takes just a few minutes. Enter a valid email address, choose a username, and create a strong password to secure your account. Some exchange platforms provide a 2-factor authentication for added security.

After creating your account, you have to verify it by providing some identification documents. You can do this by using your birth certificate, phone number, national identification number, or social security number. 

2. Deposit funds into your account

Different exchange platforms provide diverse payment methods to fund your account with crypto or US dollars. For example, you may choose to use fiat currency to buy algorand, which may require you to provide a valid address. You can also deposit crypto directly into the exchange, depending on your preferences and location.

3. Purchase ALGO

As soon as you deposit funds into your account, you can begin buying ALGO tokens. Upon purchasing these tokens, you can safely store them in your wallet. However, you should practice due care when keeping your tokens in your online wallet, especially if you have the intention to hold them for a long time.

Conclusion

If you wonder how much will algorand be worth in 2021, there is no exact method to determine its actual price in the future. However, numerous speculations from crypto experts state that the coin will be $1 by the end of the year, if not sooner. Additionally, the users are responsible for determining the fate of the currency. As a result, you should conduct sufficient research before investing.

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