Home / Price Predictions / Algorand Price Prediction 2024: Can ALGO Maintain Momentum?

Algorand Price Prediction 2024: Can ALGO Maintain Momentum?

Last Updated March 8, 2024 11:24 AM
Giuseppe Ciccomascolo
Last Updated March 8, 2024 11:24 AM

Key Takeaways

  • Algorand had dropped after allegations of being an unregistered security by the United States Securities and Exchange Commission (SEC). 
  • Algorand was designed to be an “Ethereum Killer”, offering developers the chance to create their own decentralized finance (DeFi) apps and higher speeds than its rival. 
  • How will ALGO perform in the future? 
  • One Algorand price prediction says it will be worth $0.64 in 2025.

While some blockchains are highly specialized, focusing exclusively on finance or gaming, for example, Algorand’s smart contract capabilities make it suitable for a variety of applications.

For example, in September, Algorand joined  the OpenWallet Foundation (OWF), an open-source project advancing technologies that enable digital identity.

More recently, on November 14, the Dutch firm Quantoz Payments received permission from the central bank to issue a digital, programmable euro known as EURD  on Algorand.

With use interest in the platform’s various use cases rising, in the month to November 16, the price of Algorand’s native token, ALGO, climbed around 50%.

After hitting an all-time low in August, the market has since turned more bullish on ALGO. But where could the token go next?

On March 8 2024, Algorand was worth about $0.2755.

Algorand did not immediately respond to a request for comment

But what is Algorand (ALGO)? How does Algorand work? Let’s see what we can find out, and also take a look at some of the Algorand price predictions that were being made as of March 8, 2024.

Algorand Price Prediction

Let’s take a look at some of the Algorand price predictions that were being made on March 8 2024. Remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, remember that many longer-term crypto price predictions are made using an algorithm, which can change at a moment’s notice. 


2024 2025 2030
Prediction #1 $0.57 $0.64 $2.04
Prediction #2 $0.159 $0.523 $3.23
Prediction #3 $0.21 $0.2747 $2.51

Algorand Price Prediction for 2024

Delivering an extremely confident short-term forecast for Algorand, DigitalcoinPrice  sees the cryptocurrency’s price more than doubling to $0.57.

Meanwhile, Changelly  anticipates ALGO closing the year at $0.159 and Coinpedia  sees it at $0.21.

Algorand Price Prediction for 2025

Looking ahead to 2025, DigitalcoinPrice remains bullish on Algorand, forecasting an average price of $0.64 for the token.

Changelly expects it to be at $0.523 at the end of the next year while Coinpedia sees it at $0.2747.

Algorand Price Prediction for 2030

By the year 2030, DigitalcoinPrice’s forecast sees Algorand rising even further to $2.04, representing roughly a tenfold increase from its price on March 8, 2024.

In contrast, Changelly’s prediction for 2030 points to an even more bullish outlook, with ALGO trading at $3.23, while Coinpedia expects a value of $2.51.

Google Gemini AI Price Prediction for Algorand (as of March 8)

Google’s Gemini AI platform gave the following price prediction for Algorand on March 8. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short-Term (Next Few Months):

  • Possible Increase: Increased adoption of Algorand’s fast and scalable blockchain technology by businesses and developers could drive up demand for ALGO tokens. Announcements of new partnerships or integrations could trigger price spikes.
  • Possible Decrease: Broader market downturns in the cryptocurrency sector or negative news specific to Algorand could lead to a price drop.


  • Short-term price swings are often driven by market sentiment and news events.

Medium-Term (Next 1-2 Years):

  • Potential Growth: Continued development of the Algorand ecosystem, including DeFi applications and NFTs, could increase the utility and value of ALGO. Regulatory clarity around cryptocurrencies could also boost investor confidence.
  • Stagnation or Correction: If Algorand fails to gain significant traction or the overall crypto market faces headwinds, the price could stagnate or even correct downward.


  • Medium-term price movements depend on the project’s ability to deliver on its promises and attract users.

Long-Term (Next 5+ Years):

  • Optimistic Scenario: Widespread adoption of blockchain technology for real-world applications could position Algorand as a major player, leading to a significant price increase for ALGO.
  • Uncertainties: Long-term predictions are highly speculative and depend on unforeseen technological advancements, regulations, and global economic factors.


  • Long-term price hinges on Algorand’s success in establishing itself in a rapidly evolving technological landscape.

It added: “Overall, analysts generally have a bullish outlook on Algorand in the long term. However, short-term volatility is to be expected. Remember, this is not financial advice, and you should always do your own research before making any investment decisions.”

Recent Updates for Algorand

In September 2023, the Algorand Foundation announced its intention to overhaul the network’s architecture.

At present, although any computer can connect to the Algorand network and participate in the blockchain’s consensus protocol, communication between participants is channeled through a limited set of 120 relay nodes.

However, as Algorand CTO John Woods explained to CCN in an interview, the plan is for Algorand to move toward a more decentralized design that doesn’t rely on relays.

Using the analogy of a city with a ring road to describe the way Algorand nodes currently communicate, Woods said the new design “will not rely on some kind of superhighway around the network.”

Instead, Algorand will implement a peer-to-peer communication system that connects nodes “in a way that is like a spiderweb,” he added. 

Another protocol upgrade the Algorand Foundation announced recently will introduce consensus incentivization. The change to ALGO staking is intended to encourage participation in Algorand’s consensus mechanism, helping to secure the network.

Going forward, the platform continues to foster innovation, with new solutions such as Quantoz’s DEUR promising to increase network activity and drive new users to Algorand.

ALGO Price History

Now, let’s examine the price history of ALGO. While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context.

ALGO first came onto the open market in the summer of 2019 and it soon shot up, peaking at $3.28 on 21 June that year.

The market has, ever since then, pretty much decided it was overvalued. That price still serves as an all-time high. It sank down, reaching an all-time low of $0.1024 on 13 March 2020, as markets across the board suffered as the Covid-19 pandemic spread across the globe. 

In 2021, things picked up, and ALGO was one of many cryptos to blossom, with the price trading above the dollar between February and May. While the coin then suffered during the summer, it picked up again later on in the year, hitting $2.54 on 13 September and then gently dropping to close the year at $1.66. 

In 2022, the markets suffered and so did Algorand. The coin slumped below the dollar as overall economic conditions were exacerbated by a series of crypto crashes. It closed the year at around $0.17.

Algorand in 2023 and 2024

Algorand Price History
Algorand has done relatively well recently | Credit: CoinMarketCap

There was something of a recovery in 2023, with the coin reaching $0.29 in early February. Things then fell apart. The news that the SEC considered it to be an unregistered security, coupled with the cases against Binance and Coinbase causing concerns that it could be delisted, led to its drop.

On 10 June, it fell to a new all-time low of $0.0958. The coin then recovered to $0.1405 on 25 June, before another slide, exacerbated by the news of Algofi shutting down, saw it drop to $0.1031 on 13 July.

That day’s news that a judge had partially ruled in favor of Ripple in its court case with the SEC saw something of a short-lived fightback. By January 2, 2024, ALGO was worth about $0.22.

There was more upward movement in 2024 and, on March 8, Algorand was worth around $0.2755.

At that point, there were about eight billion ALGO in circulation, representing the total supply. This gave the coin a market cap of about $2.2 billion, making it the 53rd-largest crypto by that metric.

Algorand Price Analysis

Algorand Price Analysis
ALGO has been in an uptrend for around six months.

From its all-time high of nearly $3, the price of ALGO decreased by 96%, measured to its lowest point of $0.085, by September 2023 2023. However, a recovery led the price to a breakout and it trading at a significant level. 

The current uptrend made a typical five-wave pattern with slightly more room for upward. We could expect to see an interaction with the resistance zone’s upper level of $0.40 in the near future. 

There could be a bull market correction to a higher low of around $0.15, but it could then climb back up to somewhere around its all-time high.

Is Algorand a Good Investment?

Algorand is a cryptocurrency that has, ultimately, suffered as a result of an overvaluation that happened when it first came out. The news that the SEC has considered it to be an unregistered security has exacerbated the problems the coin has faced as it has struggled in the wake of a series of crypto crashes over the last year or so. On the other hand, cryptos can be unpredictable, so there is certainly the potential for growth if the market conditions are right. You will have to do your own research before deciding whether or not ALGO is a good investment.

Is Algorand a Good Investment?

Algorand was created as a so-called Ethereum Killer, but ETH seems distinctly unbothered by the actions of its would-be rival. Indeed, the crypto has recently traded at a record low, which might be cause for concern.

The news that its biggest DeFi protocol is shutting down and that its Total Value Locked has collapsed over the last six months or so could also discourage investors.

On the other hand, though, there is a school of thought that says you should buy in the dip. But we don’t know how far this dip will last, nor when ALGO will recover, nor what it will recover too. As always with crypto, you will need to do your own research. 

Will Algorand go up or down?

No one can really tell right now. However, the price forecasts are, on the whole, upbeat, price predictions, more often than not, end up being wrong. Remember, too, that prices can go down as well as up. 

Should I invest in Algorand?

Before you invest in Algorand, you will need to do your own research. Not only on ALGO but on other, similar, cryptos, like Ethereum (ETH). Even more importantly, you must make sure that you never invest more money than you can afford to lose.

Who is the Founder of Algorand?

Silvio Micali, a Turing Award winner and computer science lecturer at the Massachusetts Institute of Technology, founded Algorand in 2019. 

Who Owns the Most Algorand?

On March 8, 2024, one wallet held nearly 6% of Algorand’s supply.

Richest ALGO Wallet Addresses

As of March 8, 2024, the five wallets with the most ALGO were

  • N2C374IRX7HEX2YEQWJBTRSVRHRUV4ZSF76S54WV4COTHRUNYRCI47R3WU. This wallet held 598,370,022 ALGO, or 5.98% of the supply.
  • MTCEM5YJJSYGW2RCXYXGE4SXLSPUUEJKQAWG2GUX6CNN72KQ3XPJCM6NOI. This wallet held 335,256,487 ALGO, or 3.35% of the supply.
  • NE5EGI4JA5EFJV3AVD4OPYNBJYN66ZKOWKOXADZKZMZ3DFGQGY3VEKHMFU. This wallet held 300,000,000 ALGO, or 3% of the supply.
  • FB3ILSDVDSECHNC25SZCOCQVKVQC27MF54S42KQ2H7THP7MU2WEBNDJYJY. This wallet also held 300,000,000 ALGO, or 3% of the supply.
  • HEOQ3S6V47RFLU2RZ5GTQYJBEFRL54UWZ77PNUBNTDVSXIPYOPE2XZJSLE. This wallet held 133,637,390 ALGO, or 1.34% of the supply.

Fact Box

Supply and Distribution Figures
Maximum supply 10,000,000,000
Circulating supply (as of March 8, 2024) 8,059,921,381 (80.6% of maximum supply)
Holder distribution Top 10 holders owned 21.94% of total supply, as of March 8, 2024.

Algorand (ALGO) Explained

There are three things that, ideally, every blockchain should be. A perfect blockchain should be scalable, so it is able to maintain its performance as it gets larger and more people use it, decentralized, so it is not under the control of one authority, and it should be secure. Often, blockchains are able to be two of those things, but not all three. This is “the blockchain trilemma” and solving it is a major goal for computer scientists. 

The Algorand  blockchain aims to solve the trilemma. It promises speeds of up to 1,200 transactions per second. The system offers decentralized finance (DeFi) solutions, and people can mint their own non-fungible tokens (NFTs), the rights to links to individual pieces of digital art on it. 

The ALGO coin powers the Algorand blockchain. 

How Algorand Works

Algorand uses something called Pure Proof of Stake (PPoS) to add blocks to the blockchain and mint coins. People are chosen randomly but with a weight given to those who hold more ALGO, to add blocks to the network. Then, a vote takes place, a winner is chosen, and a randomly selected committee of users approves the block. 

The blockchain is based on two layers. The first one supports simple, smart contracts, computer programs that automatically execute once certain conditions are met, and NFTs, and crypto tokens. The other one supports more complex smart contracts and decentralized application (DApp) creation. 

In terms of ALGO itself, the coin helps secure the network and pays for transactions. People can also buy, sell, and trade it on exchanges.

Algorand Attention Tracker

Algorand Google Search Volume
Algorand Google search volume | Credit: Google


Here is a chart for Algorand’s Google search volume for the past 90 days. This represents how many times the term “Algorand” has been Googled over the previous 90 days.


How many Algorand are there?

On March 8, 2024, there were about there were about eight billion ALGO in circulation, representing the total supply.

Will Algorand reach $1?

It could do, although it may take some time. In fact, analysts predict it will reach that level by 2030.

It is worth noting that ALGO has traded above the dollar before, most recently in 2022.

What is Algorand used for?

ALGO is used to pay for transactions on the Algorand blockchain, and it can also be bought, sold, and traded on exchanges.

Further reading


Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.