The native cryptocurrency of the Algorand blockchain is called ALGO. ALGO is used to pay transaction fees, participate in consensus, and earn rewards. Algorand has a “relay node” program where users can stake ALGO to run a relay node. The total supply of ALGO is fixed at 10 billion tokens, which were all minted at launch. However, a huge portion of these ALGO tokens were locked during launch and are periodically distributed through participation rewards and auctions. The last of these tokens is set to be released in 2030, alongside a mechanism put in place by the Algorand Foundation to ensure the stability and scarcity of ALGO in the long run. NewsBTC is committed to bringing updates as regards to future token unlocks.
As an altcoin, ALGO is not immune to intense volatility, especially considering it has a rather medium market cap of just over $1 billion. Consequently, ALGO news, updates, and predictions do show up from time to time amidst the broader cryptocurrency landscape.
ALGO launched in June 2019 at $3.28 after raising $60 million in its public sale ICO. Prior to this, the cryptocurrency raised $4 million and $62 million in a private seed and a private venture round, respectively.
ALGO Price Performance Over The Years
It hasn’t been a rosy ride for ALGO, as the cryptocurrency has yet to return to its launch price over the past five years. As a result, ALGO currently maintains an all-time high of $3.56. ALGO went through a prolonged price decline over the next 10 months after its launch. By March 2020, ALGO had dropped below $0.128. The COVID-19 pandemic and resulting market turmoil impacted ALGO, along with the broader cryptocurrency market.
ALGO showed signs of a rebound in late 2020 and started climbing higher until it peaked at $2.38 in September 2021. During this period, Algorand launched a number of new DeFi products and partnerships to expand the Algorand ecosystem. This allowed the blockchain to capitalize on the booming DeFi trend at the time, which in turn led to the crypto approaching its all-time high.
Algorand News Today
It has been a downhill journey since 2021 for ALGO. The cryptocurrency now finds itself trading, for the most part, below $0.30. Prices have remained stable for the majority of the first half of 2024, and strong support is at the $0.155 price level. Although difficult to predict, some analysts expect the price of ALGO to increase gradually over the next several years. NewsBTC remains devoted to delivering the latest Algorand news, ALGO news, and the most essential information regarding the cryptocurrency.
