Algorand Price Predictions: How Far Can El Salvador Take the ALGO Crypto?

El Salvador launched its Bitcoin (CCC:BTC-USD) endeavor earlier this week, and the news has been impossible to miss. It’s unprecedented for a country to adopt an electronic dollar as a legal tender on such massive scale. As such, blockchain experts have been offering up opinions, advice and help to the Central American nation to assuage the transition. One of the big winners from this undertaking is a cryptocurrency called Algorand (CCC:ALGO-USD). And seeing how it’s one of only a few cryptocurrencies moving up rather than plummeting this morning, Algorand price predictions are a hot topic.

A logo for Algorand (ALGO) on a patterned background
Source: Shutterstock

Algorand is the brainchild of Silvio Micali, a computer science professor at MIT. Micali sought to solve several issues of the Bitcoin blockchain with his product, mainly regarding scalability and energy efficiency. Thus, Algorand eliminated mining to keep energy consumption down and implemented a proof-of-stake model for verifying transactions.

The Algorand chain has seen a fair bit of popularity since its inception, allowing it to retain a spot among the most popular cryptocurrencies. However, today’s news could catalyze Algorand in a way it hasn’t yet seen. Through the implementation of Bitcoin in El Salvador, the nation is partnering with Koibanx to create a wallet product for its citizens.

Koibanx is announcing today that the wallet will be developed using Algorand as a piece of core infrastructure. The network’s scalability is incentivizing the crypto firm’s decision to make it the underlying scaling solution for transactions in the nation. Koibanx’s pick is quite surprising to investors as well; many believed Cardano (CCC:ADA-USD) would be the selected network.

Algorand Price Predictions: Can El Salvador Send ALGO Rocketing?

The price of ALGO currently rests at around $1.76 thanks to the 30% provided by the El Salvador news. Investors are flocking to the crypto today, with trading volume rising over 200%. Can this news send ALGO rocketing toward its all-time high?

InvestorPlace analyst Luke Lango is not sure that El Salvador — or other partnerships — can take credit for the recent gains. However, that is not stopping the crypto expert from being bullish:

“Its relative strength is super impressive. It’s established a lot of recent partnerships in Latin American and it’s a leading contender to develop and host CBDCs for several countries. Neither of those are ‘breaking news’ though, so we’re not sure what’s driving it up 50%. Unusual volume — 828% higher than average. Unusual Twitter activity — 233% higher than average. We’re up big on the position in our crypto portfolio. This is clearly a market where you need to sell rips and buy dips, but this name seems to be working and we see it continuing to work.”

With Lango’s expert take in mind, let’s take a look at other Algorand price predictions to see where ALGO is headed next:

  • WalletInvestor’s one-year prediction suggests Algorand will see only slight and steady gains from the news. The outlet predicts that by September of 2022, the coin will be worth $2.
  • CoinPriceForecast sees much faster and higher gains for the coin in the coming months. By the end of the year, the site says ALGO could see a price as high as $2.40.
  • The Economy Forecast Agency suggests a similar growth pattern, suggesting a high of $2.38 by December. By next September, the outlet forecasts a price of $3.80.

Read more about three other altcoins that Lango things are top buys right now.

On the date of publication, Brenden Rearick 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 Publishing Guidelines.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC