ALGO Could Rally Significantly During the Bull Market: Influencer

According to the cryptocurrency influencer Classy Crypto, Algorand has significant upside potential and could rally well when the bull market returns. In a recently uploaded video, the renowned influencer described the Algorand blockchain project and reviewed its performance over the years as a blockchain solution and a cryptocurrency.

Algorand currently ranks in the 47th position on the leading cryptocurrency aggregation platform, CoinGecko. It had a market cap of $762.6 million, a daily trading volume of $41.2 million, and approximately 7.9 billion ALGO tokens in circulation at the time of writing.

One of the reasons why Classy Crypto considered ALGO for immediate review was because its price is at an all-time low. According to him, after displaying an impressive performance during the 2021 bull run, ALGO’s price has dropped significantly. Data from CoinGecko showed that ALGO traded for $0.0964 at the time of writing, and Classy Crypto stated that the price has never been this low.

Algorand is a significantly fast blockchain network and processes about 10,000 transactions per second, according to the influencer. The crypto influencer noted that transaction fees on the Algorand blockchain are ludicrously low, with over 32 million addresses on the blockchain’s network.

Classy Crypto continued his Algorand review by noting that the project has $37.95 million in total value locked (TVL) with a respectable stablecoin market cap. However, he stated that Algorand is not strong in decentralized finance (DeFi), as only a few DeFi-related projects are on its blockchain.

Algorand’s recent collapse was compounded by a hack in the blockchain’s ecosystem, and Classy Crypto claimed that the Algorand team hasn’t done well enough in product marketing. He added that the project’s tokenomics were not handled properly. According to Classy Crypto, the ALGO circulating supply is too much for existing demand, leading to inflation in the cryptocurrency.

However, Classy Crypto stated that ALGO’s current situation could be ideal for a Dollar Cost Average (DCA) investment model. He added that the token has significant upside potential and could rally well when the bull market returns.