Investment Analysis: Why 91% of Algorand Owners Recorded a Loss
Date: 2024-05-02 Author: Henry Casey Categories: BUSINESS
Data from analytics platform IntoTheBlock reveals that about 90% of investors holding Algorand's ALGO tokens were in the red. This is a significant number that indicates the difficulties faced by the owners of this asset.
Minimum Success Indicators
The information also shows that only 7% of ALGO token holders can be proud of what they have earned. Another 2% maintain their positions in the break-even zone.
The majority of ALGO owners (83%) hold their assets for more than a year, which may indicate a long-term strategy. An additional 15% retain tokens from 1 to 12 months.
Market Position
ALGO currently trades at around $0.177, ranking 60th in market cap at $1.44 billion. The token's price has had its ups and downs, from a peak of $3.28 in June 2019 to $0.087 in September 2023.
SEC Assessment: Partnerships and Research
The Algorand project was highly praised by SEC head Gary Gensler, which adds interest to its further development. Despite this, in April 2023 the SEC took steps to define ALGO as a security, causing controversy.
In November 2023, the Algorand Foundation announced partnerships with Indian organizations and work on a decentralized crypto wallet recovery system with the Hedera team. This shows the project's commitment to further growth and innovation.
