This Altcoin Can Be Dead If Not Reached A Certain Point

Algorand has always been a coin worth investment according to experts especially in 2022. However, this crypto has been disappointing the market.

Know About The Token

Algorand (ALGO) is each a digital currency and a blockchain platform. The platform is intended to method several transactions quickly, like significant payment processors like Mastercard or Visa, additionally, it will host alternative cryptocurrencies and blockchain-based comes, creating it a rival to Ethereum. ALGO, the platform’s native currency, is employed to secure the its blockchain and pay process fees for Algorand-based transactions.

Algorand is an associate degree ASCII text file blockchain, which means anyone will read and contribute to the platform’s code. It uses associate degree operational protocol it calls pure proof-of-stake (PoS) that recruits network validators from a pool of users.

Why Algorand Can Be Dead?

Algorand has gained massive popularity by getting the attention of successful international companies. The central American nation, El Salvador has announced it to develop its own blockchain infrastructure with the platform. The Marshall Islands central bank is using the platform of Algorand to as three basis for its own digital currency SOV (Sovereign). It has been getting sufficient funding with the Borderless Capital channeling $500 Million to invest in the app.

However, it has recently been trading in red and its price has been dropping drastically. As of writing, ALGO has been down by 4.83% in the last 24 hours. It’s trading at $0.23 with a market cap of $165.7 billion. If ALGO can’t reclaim $0.28, it will be a dead crypto.

Source: coinmarketcap

In mid, 2019 Algorand hit its all-time high with just over $2.16. In two weeks, the price of ALGO fell to $0.5 Since then it recovered slightly, however, it fell again. During April-May 2021, the crypto market was up and the cryptocurrencies were trading with boom. The one coin that couldn’t really make it even then was ALGO. It hit only $1.70. In September of the same year, it hit $2, but in January 2022 it was back under $1. Since then ALGO’s price has never gone beyond $1. 

Well, from the other angle we can see it as a crypto in which one can invest without taking many risks. Yet, if Algorand continues to perform this way it will not lead to any sort of profit for investors. The falling price of the platform is a major concern. 

Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.