ALGO coin price prediction: Will ALGO continue to rise?

ALGO’s price skyrocketed in September and reached a new all-time high. Can it maintain its current value?

Algorand logo on a phone, in front of a Google Image search of the blockchain                                 
Will Algorand continue its bullish trend? – Photo: Alamy


Since launching in 2019, the Algorand (ALGO) cryptocurrency has struggled to pass its initial coin offering (ICO) price and is still below that. ALGO’s price skyrocketed in September 2021 when the blockchain formed a partnership with Koibanx to build El Salvador’s cryptocurrency infrastructure. But can it maintain the previous highs? First, let’s look at how Algorand works and its price history.

What is Algorand?

ALGO is the native currency on Algorand, a blockchain that wants to address the trilemma of security, speed and decentralisation. Alogrand achieves this aim through a unique consensus system called pure proof of stake, which creates and validates its blocks. The block leader and validating committee are randomly selected but it is weighted by the amount of ALGO a user stakes.

Silvio Micali, a professor at the Massachusetts Institute of Technology in the US, founded Algorand in 2017 with the blockchain and native currency launching in June 2019. Only a day after launching, the ALGO coin price immediately crashed.

ALGO’s price history

ALGO’s ICO was held in June 2019 with the price at $2.40. On 22 June, its first day of trading, the price dropped to $2.16. This was just the beginning as the price continued its bearish trend throughout the next few months, reaching a low of $0.19 on 27 September 2019.

There are many influences behind this crash. The first was the expanding token supply of 10 billion that would gradually be released. Algorand announced 3 billion ALGO would be released over the first five years from its launch date through public auctions. The large pool of ALGO combined with investors valuing it at $24bn was too much for the market, despite the strong public interest.

Private investors were another possible cause of ALGO’s coin price crash. Investors bought ALGO in private placement rounds that set a price for the coin from $0.05 to $0.50. By the time the token launched it was valued at $2.16, which enabled private investors to gain large profits.

Chen Fangfang, head of operations at the Algorand foundation, wrote a letter to the investment community. According to Global Coin Research, the letter said that early supporters have injected unnecessary risks into the project, including dumping tokens and short-selling.

ALGO’s coin price did see a spike on 14 August 2019, when it was listed on Coinbase. Algorand claimed it was one of the fastest on the platform. The price was around the $0.56 mark in July and reached $0.80 on 9 August when the news was announced. Despite a few spikes, ALGO struggled to get above the $0.50 mark over the next 18 months of trading, let alone surpass its launch price.

The native currency started seeing a bullish trend at the beginning of 2021. Throughout January it was priced around the $0.56 mark, but on 12 February it skyrocketed to a multiyear high at $1.71.

Like with ALGO’s coin price crash, this spike had several potential reasons. The first, at the beginning of 2021, was the interest in stablecoins. Stablecoins combine the decentralised nature of cryptocurrency with the stability of fiat money. As Ethereum had high gas prices at the beginning of 2021, Algorand became a viable alternative for stablecoin issuers.

Algorand was also generating interest through a partnership with Instimatch Global, a short-term money market trading platform. This started in January and by February, millions of dollars in transactions per quarter were going through Algorand.

ALGO’s coin price did dip below the $1 mark between May and August this year. However, it has recently gained interest and seen its price rise. On 31 August, El Salvador announced its cryptocurrency infrastructure would be built on Algorand. The following day, the price reached $1.15 and shot to a new all-time high of $2.38 on 12 September, less than a week after Bitcoin became the legal tender of the Central American country.

Although the ALGO coin price did fall after the new all-time high, the price did not drop below $1.50. On 29 September, Algorand launched a new update that improved the smart contracts by allowing them to be written in well-known computer languages including Python and Reach. The price climbed to $1.98 on 3 October. As of 29 November, it is hovering around the $1.79 mark.

ALGO/USD price history

Date Close Change Change(%) Open High Low
Dec 2, 2021 1.8135 -0.0651 -3.47% 1.8786 1.9541 1.7698
Dec 1, 2021 1.8785 0.1417 8.16% 1.7368 1.9384 1.7270
Nov 30, 2021 1.7355 0.0377 2.22% 1.6978 1.7989 1.6579
Nov 29, 2021 1.6987 0.0584 3.56% 1.6403 1.7535 1.6190
Nov 28, 2021 1.6408 0.0362 2.26% 1.6046 1.6433 1.5042
Nov 27, 2021 1.6057 0.0693 4.51% 1.5364 1.6513 1.5280
Nov 26, 2021 1.5366 -0.2073 -11.89% 1.7439 1.7465 1.5187
Nov 25, 2021 1.7439 0.0761 4.56% 1.6678 1.7659 1.6180
Nov 24, 2021 1.6678 -0.0901 -5.13% 1.7579 1.7909 1.6463
Nov 23, 2021 1.7574 0.0938 5.64% 1.6636 1.7712 1.5911
Nov 22, 2021 1.6636 -0.0896 -5.11% 1.7532 1.7602 1.6436
Nov 21, 2021 1.7520 -0.0101 -0.57% 1.7621 1.7989 1.7073
Nov 20, 2021 1.7613 -0.0393 -2.18% 1.8006 1.8256 1.6545
Nov 19, 2021 1.8005 0.0296 1.67% 1.7709 1.8267 1.6776
Nov 18, 2021 1.7703 0.1814 11.42% 1.5889 3.0151 1.5773
Nov 17, 2021 1.5888 0.0086 0.54% 1.5802 1.5924 1.5625

What’s next for ALGO?

The Coin Bureau’s crypto trading YouTube show said on 7 October that ALGO would reach “new all-time highs in the coming weeks.” Its host, the Crypto Guy, told the channel’s 1.4 million subscribers that ALGO could easily become a top 10 cryptocurrency by market capitalisation.

Gov Capital’s ALGO coin price prediction for 2021 does not forecast a new high for the currency within 2021. Its ALGO coin prediction says the coin will stay around the $1.70 mark for the rest of this year, before reaching a new all-time high of $2.43 in February 2022.

WalletInvestor has a similar Algorand price prediction, forecasting the price to stay below $2 for the rest of 2021. It describes ALGO as an “awesome long-term investment” as it will reach $2.92 by November 2022. WalletInvestor forecasts this upward trend as continuing, reaching $7.83 in November 2026.  


It might be. Coin Bureau predicts that the ALGO price will reach a new high over the coming weeks and eventually become a top 10 cryptocurrency by market capitalisation. Both Gov Capital and WalletInvestor forecast ALGO to stay near the $2 mark for the rest of 2021, before continuing an upward trend in 2022.

Remember, predictions can often be wrong, so do your own research before investing.

WalletInvestor predicts the average price of ALGO will reach  the $6 mark by February 2025 and will increase to $7 by the February of 2026. Gov Capital’s forecast is much higher and predicts ALGO will reach $18.67 in five years. Remember: never invest more than you afford to lose as analysts can be wrong. The Algo coin price prediction for 2021 varies hugely, so it's important to do thorough research before considering investing.

If you want to buy ALGO, then you can do it at a range of exchanges, including Remember to do your research and never invest more money than you can afford to lose. 

ALGO to US Dollar
Daily change
Low: 1.7766
High: 1.9421

Further reading:

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