Algorand Can Be Dead If Not Reached A Certain Point: Experts

Algorand has always been a coin worth investing

according to experts, particularly in 2022. However, this cryptocurrency has disappointed the market.

ALGO is both a digital currency and a blockchain platform. The platform is designed to process multiple transactions swiftly, similar to significant payment processors such as Mastercard or Visa. 

In addition, it will also host alternative cryptocurrencies and blockchain-based applications, making it a competitor to Ethereum. The platform's native currency, ALGO, is used to protect the blockchain and pay transaction fees for Algorand-based transactions.

Algorand is an ASCII text file blockchain, which means that anyone can read and contribute to the platform's code. It employs an operational technique known as pure proof-of-stake (PoS), which recruits network validators from a pool of users.

How Can Algorand Be Dead?

Algorand has garnered enormous popularity by attracting the attention of powerful international companies. El Salvador, a country in Central America, has revealed plans to use the technology to build its own blockchain infrastructure. 

The Marshall Islands central bank is adopting Algorand technology as the foundation for its own digital currency SOV (Sovereign). It has received sufficient funding, with Borderless Capital investing $500 million in the app.

However, ALGO currently trading in the red, and its price has dropped dramatically. As of writing,  ALGO was down 3.6% in the last 24 hours. It is currently trading at $0.2319 and has a market valuation of $1.66 billion. Experts believe that if ALGO cannot reclaim $0.28, it will be a dead crypto.

In mid-2019, Algorand reached an all-time high of slightly over $2.16. ALGO's price has dropped to $0.5 in two weeks. It has since rebounded marginally but has since fallen again. The crypto market was up in April-May 2021, and cryptocurrencies were trading at a high level. 

ALGO was the only coin that couldn't quite make it even back then. It only reached $1.70. It reached $2 in September of the same year, but it was down under $1 in January 2022. ALGO's price has never risen above $1 since then.

From another perspective, it might be viewed as a cryptocurrency in which one can invest without taking many risks. However, if Algorand continues to perform in this manner, investors will not profit. The platform's decreasing price is a major source of concern.