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Algorand Price (ALGO/USD)

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TYPE Crypto
GROUP Majors
BASE Algorand
SECOND
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Trading Feed
Algorand (ALGO) is looking up to become one of the most interesting cryptocurrencies to monitor after enjoying a spike in the previous
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Algorand (ALGO) is one of the few leading cryptocurrencies to trade in the green early on Tuesday even as most of the market remains under
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Algorand (ALGO) is one of the exciting movers to keep an eye on today as it climbs higher, supported by multiple developments indicating
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Algorand (ALGO) is on a bit of a slide, despite rising interest in the cryptocurrency amid both investors and developers, with investors
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Algorand (ALGO) is extending its gains into early trading on Tuesday, supported by a bullish mood among crypto investors as well as several
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About Algorand (ALGO)

Algorand (ALGO) is the native currency of the Algorand blockchain. The blockchain network supports a diverse range of applications. It comes in handy for computation tasks that demand perfomance guarantees for building new methods of trust. The founder of the Algorand blockchain is a professor of Computer Science at MIT, Silvio Micali. Micali is also a one-time recipient of the Turing Award due to his contributions to secure 2-party computation, cryptocurrencies, electronic cash and blockchain protocols. The Algorand mainnet came live in mid-2019 and until December 2020; the network was able to process over 1 million daily transactions.

Algorand supports various use cases from entertainment, sports and finance. Multiple organisations are also building on top of the blockchain including, Circle, Republic and IDEX. The price of any blockchain token or digital asset is usually dependent on the relevant use cases of that blockchain. This ensures plenty of investors want the coin and are interested in exploring its utility. In order to interact with the Algorand blockchain, users must pay a transaction fee in ALGO.

The main intention for Micali building ALGO was to provide a unique lightning-fast approach to processing cryptocurrency transactions. Micali designed a protocol that would charge low transaction fees, work through a proof of stake consensus and remain permissionless.

Algorand Breakdown

The ALGO coin has witnessed slow growth price action over the past months due to the general bearish trend facing the entire market. Therefore resulting in rising discontentment among the majority of the ecosystem's community. Nonetheless, crypto volatility is still a thing in the cryptocurrency market and is more relevant, particularly in the bear market.

As a layer one blockchain, Algorand has the following key features and functionalities.

  • Smart contracts: Allows stateful and stateless implementation.
  • Algorand Standard Assets: These can represent either fungible or non-fungible assets.
  • Atomic transfers: The backbone for all Algorand assets and Algorand Standard assets, as well as allowing for multiple parties transfers.
  • Rekeying: Supports the ability to change a private spending key without the need to change the public key.

Algorand employs Proof of Stake to validate transactions and reward node validators. You only need a minimum of one ALGO to become a validator. This is unlike Ethereum which requires 32 ETH to become a validator. Hence you can see Algorand has substantially removed any barrier to entry for new consumers. The network releases block rewards every 10 minutes, and this is how new Algorand coins are released into circulation.

Algorand History

Silvio Micali launched the Algorand test network in April 2019 and the main network in June 2019. The founder founded both a company and an organisation to run both the business and technical model of the blockchain. Core development of the general Algorand ecosystem takes place in Boston, where Algorand Inc is registered as a private corporation. Over the years, Algorand has promoted a negligible energy consumption per transaction, and aims to be grow a carbon-negative blockchain.

Algorand's unique design aims to solve the blockchain trilemma: This is a widely held believe that a decentralized network will only provide two of three benefits at once and at any given time across these three properties; Decentralization, scalability and security. The Algorand blockchain utilizes a Byzantine agreement built on top of the Proof of Stake consensus.

Micali designed and built the Algorand Blockchain with the help of an internationally recognized team of cryptographers, mathematicians, researchers and economists. Nonetheless, Micali has been an authoritative figure in cryptography since the 1980s.

At the height of outlining the technical roadmap of the Algorand blockchain before its launch; Silvio Micali and his team managed to raise $4M seed funding from Union Square Ventures and Pillar Ventures.

Algorand Price Factors

Algorand has no been around for long. It is a relatively young digital asset but has outshined most older currencies and snatched the top 25 position of leading cryptos by market cap. The fully diluted market capitalization of Algorand (ALGO) is $3,872,147,968.

The price of Algorand can be affected by various things including technical upgrades, partnerships, social media sentiments and DeFi applications.

Technical uprades create more interest across marketers, investors and blockchain enthusiasts. Introduction of Algorand 2.0 resulted into a price pump due to the appeal of Algorand’s layer 1 smart contracts, atomic transfers and tokens to the table.

Partnerships are known to bring in more developer interest across a blockchain. Algorand partnered with several developers to come up with Algomint and Skybridge. All of which drew more attention to the ALGO coin and hence drove its price upwards.

DeFi applications pump the price of a coin in situations where a new blockchain technology has a profitable advantage over traditional finance. DeFi for instance is providing people with new opportunities for better finance, such as crowdfunding, lending and credit, saving and staking e.t.c. Algorand is keen on promoting better financial opportunities through its blockchain and therefore attract more attention and investors to the ALGO coin.

Trading Algorand

There is no high barrier to entry when trading Algorand since it costs only $0.3912 at the time of writing this post. The rate of volatility is not as high compared to other low price coins like Dogecoin or Shiba Inu. However, investors need to remain careful before trading the ALGO coin. It is crucial for any trader or investor to rely on expert technical analysis and fundamental evaluation in order to make accurate predictions. Our live updates are a great way to begin trading any digital asset, since they will help you make informed buying/selling decision.

ALGO/USD - FAQs

Where can I trade (ALGO)?

You can trade Algorand through a cryptocurrency exchange such as Binance and Coinbase or via a price broker. Interested traders can purchase the ALGO coin through the local currency via a P2P exchange such as LocalCrypto or through the US dollar.

Is it legal to purchase Algorand?

Majority of countries lack a sound legal framework to regulate the cryptocurrency environment. Hence remain aware that the existing regulations are bound to change. Presently, it is legal to buy Algorand.

How can I store my ALGO coins?

We advice using a cryptocurrency wallet to store any cryptocurrencies.