ALGO-USD
I have seen plenty of comments about the Algorand price and price history during these last months of increased attention for it. Price discussions and price predictions always spark interest in the cryptocurrency community, the Algorand community nonetheless so.
Just a heads up, I'm very careful about making any sort of predictions about the ALGO-USD price, after all none of us own a fully working crystal ball. That being said - it can be interesting to look at the Algorand price history and see how it has developed since its origin, and how the price has changed throughout the recent months. It can both remind us of what has been, and give us a glimpse of where we are going. For example, it's easy to forget that the ALGO-USD price is almost 100% since 4-5 months back, and even more so it’s up 1500% from all-time-low (ATL). However it's down 50% from all-time-high (ATH).
That’s one heck of a rollercoaster, isn't it? I'm not gonna tell you how you should invest your own hard-earned money, because we all make our own calculations. With that said you’d think it’s as easy as just buying low and selling high, but according to several specialists in finance that’s rarely good advice to adhere to. Luckily these extreme price-fluctuations aren’t unique to Algorand, and often Algorand itself have jokingly been called a “stable coin” and “boring” when compared to the likes of Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA). That's not true though, so keep that in mind if you decide to invest. Regardless, let's talk a bit about the ALGO-USD price.
Where To Track ALGO-USD Price?
I’ve always enjoyed using Yahoo Finance for tracking the price of different cryptocurrencies, and it does support quite many blockchains to USD. It must be noted that there is an approximate 2 minute delay in the price though, so if you’re in need of tracking crypto in real-time I suggest Investing.com as a good free option. CoinGecko is another great webpage to track ALGO-USD. Just note that everyone finds their own favorite platform, and you should use the one that's most suitable for you.
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| ALGO-USD Price: Launch to Present |
Algorand Price History Overview
Below is a quick table for your ALGO-USD price essentials. Further discussion below.
ALGO-USD: Initial Launch Price, All-Time-High, All-Time-Low
The Algorand Foundation launched Algorand on the main-net on the 12th of June. The Foundation decided to auction off ALGO initially to the market through something known as a Dutch Auction. On June 19th 2019 about 25,000,000 ALGOs were sold for a price of $2.4 each.
Only 2 days after the auction the price shot up to Algorands ATH (all-time-high) $3.28. Despite the initial price take-off the ALGO-USD price quickly plummeted after that, only to bottom out around $0.2 about 3 months later in September 2019.
It bottomed out at an ATL (all-time-low) of $0.102 on March 13th 2020. This is only a little bit more than 1.5 year ago, and since then the price has gone up over 1500%. However if you bought at ATH, you’d still be about 50% down at this point.
Recent Algorand Price Changes
The recent 90-Day-High spike was likely due to the announcement of Algorand being added to the SIX Swiss Exchange as an ETP (Exchange-Traded Product) on the 18th of November. Additionally on the same day Korean cryptocurrency exchange “Upbit” announced that it would be listing an ALGO-WON trading pair. Both of these are major events, which is why they had an historical impact on the ALGO-USD price, with it rocketing up from $1.70 to $2.83 in just a day. Despite the good news the surge was short-lived, and the price has since dropped down to its current level around $1.71 per ALGO. That means the value of Algorand went down by almost 40% in the recent week alone. Well then again, it shot up right before that, so maybe it's a more fair comparison to calculate the loss based on it's value before the big news - in which case it's more or less the same.
Final Thoughts
Cryptocurrencies are a volatile market, and nowadays it's exceedingly more interconnected to the classic markets (stocks, commodities) and the rest of the world economies. Additionally most cryptocurrencies generally move in the same direction as BTC.
These two factors are important to consider when investing in different cryptocurrencies, not just Algorand. It means that in a bear market your investment might go down if Bitcoin is having a bad day (or year, for that matter), even if your favorite crypto fundamentals and technology are solid.
Algorand has both lost 95% of it's initial value (at launch) and increased over 1500% in value over 2 years. Sometimes it might feel like thing are going "slow", but I suggest you instead zoom-out, have some patience, and fasten your seatbelt. You won't be disappointed if the fundamentals of the project are exceptional.
Did I mention I think Algorand is exceptional? Well, I do, but you probably already figured that out by now. However in order to actually understand why it's exceptional you need to do some research and reading of your own. Don't be convinced because of hype or random internet comments, actually educate yourself properly. I recommend that you check out my other Algorand guides if you want to learn more about Algorand. Anyways, that's it for this week of AlgoDaddy.
Have a great weekend everyone. Algo and out!
AlgoDaddy
1 Comments
Nice to know about this project
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