Algorand (ALGO-USD) is one top-tier cryptocurrency that has been beaten down this year. Indeed, on a year-to-date basis, ALGO has fallen 65%. This sort of decline has led many long-term bulls to question what Algorand price predictions suggest for this coin.
Importantly, Algorand is not the only crypto that has struggled in a bearish environment. However, Algorand its drop of 65% has been eye-catching in a negative way in 2022.
Retail and institutional investors alike have been forced to reconsider growth allocations in their portfolios relative to safer names. As interest rates rise, valuations for risk assets get hit. That means that for the riskiest assets (such as crypto), investors are expecting some tough sledding ahead.
That said, some big investors, such as Anthony Scaramucci, believe that now could be the time to own crypto. With this in mind, Scaramucci’s SkyBridge Capital holds a considerable amount of Algorand, in addition to other top cryptos and crypto-related stocks. Scaramucci believes that now is the time to load up on riskier assets with higher growth potential.
With this in mind, let’s see where the experts stand on Algorand in terms of growth potential.
Algorand Price Predictions
For context, ALGO currently trades at 59 cents per coin.
- WalletInvestor provides a 1-year and 5-year price forecast of 74 cents and $1.27, respectively, for ALGO.
- Similarly, Gov Capital forecasts ALGO could be worth $2.76 in one year, and $16.35 in five years.
- Finally, DigitalCoinPrice suggests an 87 cent 1-year price target for ALGO, as well as a $1.41 5-year price target.
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.