Algorand (ALGO) Price Predictions: Where Will the Eco-Friendly Crypto Go Next?

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Algorand (CCC:ALGO-USD) is a cryptocurrency that is quietly making noise among investors. Accordingly, a range of Algorand (ALGO) price predictions now abound for this smaller cryptocurrency.

A logo for Algorand (ALGO) on a patterned background

Source: Shutterstock

I say “smaller” because Algorand has a market capitalization of more than $3 billion at the time of writing. And this market cap factors in today’s decline of more than 20%.

Indeed, Algorand has captured the attention of crypto investors of late. Accordingly, it’s no surprise InvestorPlace analyst Luke Lango has been pounding the table on this one.

Why?

Well, Algorand’s proof-of-stake foundational blockchain is what has many investors excited. As opposed to proof-of-work models, made famous by Bitcoin (CCC:BTC-USD), a proof-of-work model requires much less energy usage. Given Elon Musk’s recent comments on this topic, this is becoming a bigger issue for investors. Algorand appears to be on the right side of the fence in this regard.

Additionally, Algorand’s platform allows for smart contracts used to create and deploy stable coins, securities, and even NFTs. For those bullish on the future of what blockchain can provide, this is certainly a crypto option to keep an eye on.

That said, let’s take a look at what the experts think about where this digital token is headed.

Algorand (ALGO) Price Predictions

For context, ALGO currently trades at $1.01 per token, at the time of writing.

  • WalletInvestor has pegged the 1-year and 5-year targets for ALGO at $3.56 and $12.48, respectively.
  • Indeed, CoinPriceForecast appears to be one of the more bearish sites on ALGO. The site lists 1-year and 5-year targets on ALGO at $2.05 and $3.10, respectively. Additionally, the site lists a 2032 year-end target of $4.51.
  • Coinpedia appears to be one of the most bullish sites on ALGO. Accordingly, the site lists a whopping $15 price target on ALGO as a best-case estimate for year-end. Over the next five years, the site suggests ALGO could hit $60, representing a 6,000% return. Not bad for a small initial investment.
  • LongForecast suggests ALGO could hit $2.45 by year-end, and $5.37 by mid-2025.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/algorand-algo-price-predictions-where-will-the-eco-friendly-crypto-go-next/.

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