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The popular crypto channel Coin Bureau shares detailed information about Algorand (ALGO) and the potential price action of this altcoin project with its subscribers. we too Cryptocoin. com we have compiled for you.

Overview of the altcoin project

Algorand is a blockchain platform that aims to create a borderless creation through a decentralized, permissionless public Blockchain. Algorand also addresses one of the biggest challenges in blockchain technology. The crypto analyst describes how a platform can be built that is both fast and scalable without sacrificing decentralization:

In other words, Algorand wants a Blockchain ecosystem that allows everyone to participate and succeed. The platform is built with basic principles of simple, instant transactions, direct use and adoption, and performance.

In addition, the analyst highlights that Algorand is also one of the best-funded altcoin projects in the space, noting that it has raised approximately $130 million among its own community. Earlier this year, the network reached more than 10 million Algorand Wallet addresses and more than 500 projects built on Algorand.

Crypto analyst predicts ALGO could slowly rise to $2.3

Algorand held a Dutch Auction ICO in June 2019, raising over $60 million by selling 25 million tokens at $2.40 each. The ICO date coincided with the launch of the Algorand mainnet. The crypto analyst comments:

It’s like they’re going to auction 600 million tokens a year, using the same Dutch Auction system every time, as Algorand said. This is just the beginning. The total token supply will be 10 billion ALGOs.

In terms of price action, the analyst says that ALGO managed to push its price to an all-time high of 2.50, which is just over the ICO price of 2.40. However, ALGO has since seen a sharp correction. According to the analyst, this is not only due to the collapse of the rest of the crypto market, but also because the accelerated vesting program given to early investors is back in gear. The analyst states the following:

Nor are they the first to actively sell their ALGOs. The Algorand Foundation actively sells ALGO coins to fund operations and ecosystem expansion.

At the time of this writing, ALGO was trading at $1.75, up 1.76% in the last 24 hours. Over the next two months, the crypto analyst predicts that ALGO may slowly rise to $2.3 before being pulled back by Algorand selling plans.

ALGO 24 hourdollarsik chart / Source: CoinMarketCap

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Michael Lewis

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