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Algorand (ALGO): Price and general information

Compared to Bitcoin or Ethereum, Algorand is a relatively young crypto network and was developed as an alternative to slower blockchains.Their goal is to become a decentralised and seamless financial system. Due to its Proof of Stake mechanism, the energy-intensive mining process is eliminated and users enjoy low transaction fees. Just one year after its release, the Algorand Mainnet was able to process nearly a million transactions per day.

ALGO, the native token of Algorand, can be used to pay for transaction costs and DApp computation services, as well as for investment in the Algorand network. Much like other tokens, ALGO cryptocurrency is limited to 10 billion tokens. The ALGO tokens that are already in circulation were partially allocated to the organisations involved in the development of the platform. For instance, 20% of the ALGO tokens went to Algorand Inc. and a further 5% to the Algorand Foundation.

Unique features of Algorand (ALGO)

Computer scientist Silvio Micali founded Algorand in 2017, having already been involved in various other crypto projects, such as Cardano. HisThe extensive experience of this established computer scientist with crypto networks as well as and the continuing development of blockchains makes Algorand attractive to many investors, which has previously had a positive impact on the price development.

For Algorand, Micali developed the Pure Proof of Stake technology (Pure PoS or PPoS), which aims to solve the blockchain trilemma. Whereas with predecessors, PoS and PoW, one of the three key elements - security, scalability and decentralisation - had to be neglected, PPoS manages to unite all three aspects in the same blockchain. This makes Algorand the world's first cryptocurrency based on the innovative PPoS blockchain. This innovation has a positive effect on potential partnerships with companies, whose investments can help boost the ALGO price.

Algorand (ALGO): Price, milestones, and key events

After its development in 2017, the Algorand Initial Coin Offering (ICO) took place in June 2019, raising 60 million US dollars during the first sale of the token. Venture capital firms like Union Square Ventures and Pillar Venture Capital have invested in Algorand as well. In June 2021, fintech infrastructure provider Six Clovers announced the release of a cross-border payment system based on Algorand. The same month, Arrington Capital launched the Arrington Algo Growth Fund (AAGF) worth 100 million US dollars, focusing on the platform. These events positively impacted the ALGO price, allowing the cryptocurrency to reach its highest value since introduction in autumn 2021.

Key events and milestones:

  • 2019, launch of the Algorand (ALGO) token
  • June 2019: 3.28 USD / ALGO (All-time high)
  • March 2020: 0.10 USD / ALGO (All-time low)
  • February 2023: 1.89 billion USD market capitalisation

ALGO price history and forecast

Upon its release in June 2019, the ALGO token reached its all-time high with a price of $3.28 per ALGO. The price then dropped hitting an all-time low just a few months later in March 2020. However, the further development and price trend show that the ALGO token has since recovered, achieving its highest price since the token's introduction in September 2021 at $2.38 per ALGO. Global crises have not left the cryptocurrency unscathed. Since the ALGO price dropped to under $1per ALGO at the beginning of 2022, there has been little movement in the price trend up to February 2023.

Some experts see potential in the Algorand network, which is why its ALGO token is seen as  promising. The past performance of the Algorand price reflects the general volatility of the crypto market. Various factors, such as market demand or investor confidence, play a role in the future price development of ALGO. However, it's important to note that past price developments or identified potential are no indicator of future performance.

Algorand market stats

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