The new Algorand blockchain (ALGO) has embraced the cryptocurrency world. During the token sale, Algorand raised more than $60 million and sold 25 million ALGO. After the completion of the first series of sales, Algorand achieved listing on the largest cryptocurrency exchanges Binance, OKEx, Huobi, and KuCoin. The blockchain and cryptocurrency were created in 2109 by Algorand Foundation, based in Singapore.
Algorand’s consensus mechanism promotes the performance, security, and openness of a decentralized network. With the new consensus, Algorand transaction throughput freely competes with well-known financial and payment systems and is also designed for scalability up to billions of nodes.
Currently, investors are cautious in putting money in the new altcoin because of doubts about the claimed enormous cost of the project. Let’s look at the work of the new blockchain, and also look at the prospects for the ALGO coin the development in the latest price prediction by Changelly!
Algorand Fundamental Value
The Algorand blockchain has its own native official ALGO token. For its initial distribution, the IEO of the Binance exchange was used. Tokens were distributed through a Dutch auction because the creators are sure that the market itself should determine the value of the coin. A Dutch auction is an auction in which the value is called not in ascending order, but rather in descending order.
Key features of the network:
Decentralized economy. Decentralization is essential for businesses and all consumers of goods and services. As the economy becomes more digital, seamless and transparent, businesses need to use technologies that involve decentralization so as not to lose their strategic importance and strive to maintain their potential.
Security and scalability. The protocol guarantees a high payment processing speed comparable to financial systems of world significance.
Full completion of the transaction. This is an innovative development of Algorand. The blockchain provides instant and unconditional completion of transactions without branching. Other blockchains suffer from uncertainty and lack of transactional integrity, but here this problem is solved.
Use of scientific research and influential business partners. Algorand collaborates with trusted business leaders working in world-famous companies.
Algorand was added to CoinMarketCap on June 21, 2019. The price was $3.28, and it is the all-time highest price for ALGO cryptocurrency. Since that time, the ALGO begin to drop its rate. Minor rises were observed during the addition to the OKEx listing in June.
Now the coin price is going down. Even the beginning of the staking program on Binance did not help the coin get into a positive trend. Since the beginning of September, the ALGO price dropped for $0.05.
Algorand Technical Analysis
Well, there is not actually any technical analysis expertise of Algorand cryptocurrency. However, here is the aggregate rating for ALGO from several traders & analysts on TradingView.
Algorand Community Reputation
The crypto community’s opinion is quite controversial. Bitcointalk users definitely were waiting for the coin. However, their hopes did not materialize. Look on this comment by JeffBrad12:
It caused by the price for each algorand is overpriced. I guess we will see those investors will be rushing to cash out their money from algorand and then try to search the next IEO, that looks so sad for algorand because it was getting a big dump. This time people are aiming for more than 3x return in any investment.
Right after the listing on major crypto exchanges, the community was impressed:
Most of the big exchanges like oKex, Huobi, Kucoin, Bitmax, Bibox listed this coin. It seems within a very short time ALGO coin is becoming a major cryptocurrency. I just noticed Binance is also ready to list this coin! I feel bad that I did not care about this project last year! Now I assume ALGO coin will become one of the top coins in the CMC short list!
Some of the users claim the coin to be the hyped one:
People should be wise and not buy into the hype, the valuation is crazy and I expect to see the price dumped with time, $24 billion valuation, the time is well connected and I expect them to list on many of the good exchanges in the space just don’t hold for long
Yes you are right. We should not buy any coin in hype market. Mainly when born a coin and hyped after listing any exchange.Should wait sometime for buy in dip because the coin must be go back its real price IMO. Good luck
If we look at the Google Trends chart and compare it to price history, we can see the total correlation:
Influencers’ Views on Algorand
Muneeb Ali, the CEO and co-founder of Blockctack, shared his opinion on Algorand project:
Crypto trader, Parabolic Beastlorion was literally shocked with ALGO IEO results:
Meltem Demirors, the crypto investor and adviser, stated out some points about ALGO:
WalletInvestor ALGO Price Forecast for 2020-2025
According to WI’s Forecast System, ALGO is a bad long-term (1-year) investment. The price of Algorand may drop from 0.265 USD to 0.0731 USD. The change will be -72.430%. According to present data Algorand (ALGO) and potentially its market environment has been in bearish cycle last 12 months.
DigitalCoinPrice Price Forecast for Future
Algorand (ALGO) price will increase according to the predicted data in future. Algorand (ALGO) is a profitable investment. Algorand (ALGO) price will not be downward. The price of 1 Algorand (ALGO) can roughly be up to $0.49185546 USD in 1 years time a 2X nearly from the current Algorand price. In 2023, the price of one ALGO will be around $0.74301309.
What to expect from Algorand in 2020
Many projects are struggling to create artificial incentives that regulate user behaviour. Algorand in this regard openly and honestly says that users can decide for themselves what to do with the coin, as well as how much it will cost. The protocol is simple and predictable, similar to classical protocols such as HTTP or TCP, in which we only care that the packets move normally across the network, and not some incentives.
The cryptocurrency is very young, and its prospects depend only on the development of the blockchain and the implementation of roadmap points. If all the team future plans are implemented, the coin may cost $1 by the end of 2020.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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