This Altcoin Can Be Dead If Not Reached A Certain Point

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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.

ALGO Graph

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.

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