On this page, you will find information about Algorand, and how to buy and hold it using CEX.IO. Learn all about price charts including the difference between candlestick and line charts. We will also discuss important information about Algorand including the current price of ALGO, ALGO’s historical price, how it works, and what makes it special. 

Algorand (ALGO) Price Chart

Throughout this page, you will find information about Algorand (ALGO), what sets it apart, and how to buy it using CEX.IO. As a smart contract blockchain, the Algorand network can be used for several types of transactions including borrowing and lending. Follow along as we unpack some of the Algorand blockchain’s unique qualities, and some of the benefits of holding its native cryptocurrency: ALGO. 

What is Algorand (ALGO)

Algorand is a decentralized smart contract blockchain that allows developers to build decentralized applications (dApps) on the network’s infrastructure. Some of the most popular dApp categories on Algorand include lending and DEXs. The native cryptocurrency of the Algorand blockchain is ALGO.

The history of Algorand 

Algorand was founded in 2017 by MIT professor Silvio Micali. In April 2019, Algorand deployed the testnet of the blockchain. The same year, Algorand held its first public token sale and raised over $60 million by selling 25 million ALGO. At the end of the public token sale, the Algorand team released the open-source code for public collaboration. 

Who are the founders of Algorand?

The Algorand blockchain is backed by the Algorand Foundation. The Algorand Foundation is committed to the mission of maintaining a sustainable, global, green blockchain. By developing and furthering the open-source code of the network, the Algorand Foundation hopes to ensure everyone has access to a global financial system built on technology that puts the environment first. 

How ALGO works

Cryptocurrency blockchains often have native cryptocurrencies that users can use to transact on the network. Algorand is no different. The native cryptocurrency of the Algorand blockchain is Algorand (ALGO) and is used to secure the network and reward those who are supporting the network. ALGO is a digital asset, meaning it is bought and sold like any other asset. Traders track the price of assets using price charts.

Algorand price history

Algorand token stock price is something that is considered by traders looking to buy or sell Algorand. When buying, selling, and holding cryptocurrencies, it is important to understand and study the price history of the cryptocurrency you want to buy. Let’s take a look at the Algorand price over time. 

ALGO launched in June of 2019 for $2.16 and subsequently crashed to around $0.19 by September 2019. Recent Algorand price action shows that the price of Algorand has been increasing. Algorand reached its all-time high in June 2019 of $3.28. It experienced its all-time low in March of 2020 at $0.10. Although understanding the previous price performance of Algorand will not give us an Algorand price prediction, it will help us understand the previous price performance of Algorand.

How to read Algorand (ALGO) price chart

There are two popular types of charts utilized by crypto traders: line charts and candlestick charts. On a line chart, the y-axis represents the value of an asset, while the x-axis denotes how that value changed over time. However, candlestick charts offer traders a more in-depth analysis of individual price movements. Read along to learn how to read a candlestick chart, and what types of information you can stand to gain. 

Candlestick Charts

A candlestick chart expresses more information than a line chart by utilizing candlestick-shaped points. Candlesticks are convenient to traders because they indicate whether the price increased or decreased during a given time frame. This indicator allows traders to advance their understanding of the price movements of a particular asset. Like the line chart, the y-axis of a candlestick chart presents price information, while the x-axis shows when in time those prices occurred. In a candlestick chart, there are two types of candlesticks. 

Types of Candlesticks

The first type of candlestick is represented by a green color. This is known as a bullish candlestick. This means the price of the asset increased. The top of the bar represents the close price and the bottom of the bar represents the open price. On a candlestick chart, two lines protrude from the top and bottom of the body of the bar. On a bullish candlestick, the top of the line on the top of the bar represents the highest price during that given period and the bottom of the line represents the lowest price. 

The second type of candlestick is generally represented by a red color. A red candlestick is called a bearish candlestick. The top of this bar represents the open price of an asset and the bottom represents the closing price. Like the bullish candlestick, some lines come from the bottom and top of the bar. Just like the bullish candlestick, the top of the line represents the highest price, and the bottom of the line represents the lowest price.

Candlestick charts are some of the most commonly used tools for trading. Traders use them to observe the historical trends of a cryptocurrency to make current decisions based on past performance. Understanding the price trend of an asset can help traders recognize the potential movement of an asset’s price. Algo’s historical price changes can be easily tracked on CEX.IO’s current cryptocurrency price charts.

Current ALGO price index

The price of any asset is determined by several factors. One is known as the law of supply and demand. If the supply of an asset increases while demand stays the same or decreases, the price of that asset may decrease. If the demand for an asset increases and the supply remains the same or increases, the price of that asset may increase. Economists track the price activity of assets to determine what underlying demand and supply activity is occurring. 

Price analysis is an important task taken by many traders. Price analysis allows traders to recognize and identify price patterns that can help them in their trading journey. At the time of writing, (August 2022) the price of ALGO is $0.3595 with a market capitalization is $2,477,740,936. 

ALGO has a circulating supply of 6.89 billion coins. The circulating supply of a cryptocurrency is the supply of coins or tokens that are currently available on the market or in the hands of the public. In addition, ALGO has a maximum supply of 10 billion. This means that only 10 billion ALGO will ever exist. The current total supply of Algorand is 7.3 Billion ALGO. This means that 7.3 Billion ALGO have been created. However, the total supply does not include any ALGO that has been burned. 

How to buy ALGO

When selecting an exchange to buy ALGO, choosing a reputable exchange ensures you have multiple secure payment options at your disposal. Most exchanges require you to trust them with sensitive financial information, so it’s important to determine what payment options are available, and the layers of protection in place to secure your data. Since its founding in 2013, CEX.IO has championed user protection and asset mobility through time-tested partnerships with global regulators and established funding methods such as Visa, Mastercard, Apple Pay, Google Pay, and Paypal. You can even buy cryptocurrency with a credit card on CEX.IO. 

Follow along while we learn how to buy ALGO on CEX.IO:

1. Create an account 

Creating an account on CEX.IO is simple and only requires a few steps. 

• Go to CEX.IO and click Register in the upper right corner.
• Complete the full email verification and KYC process - check out this step-by-step guide for help getting started. 

2. Set up your preferred payment method

As outlined above, CEX.IO offers a wide array of payment methods to help facilitate your crypto journey. You can link a bank account, credit/debit card, or PayPal account. 

Once you have funded your account, you are ready to buy Alogrand.

3. Buy ALGO

On CEX.IO, you can buy ALGO using either Instant Buy or Spot Trading. For this example, we will be buying ALGO using the second method.

• First, log in to your CEX.IO account. Once you have logged in, make The Spot Trading can be accessed through the Products menu in the upper left.
• When you are on the Trade page, find Algorand on the left-hand side of the page that lists all the assets. If you are having trouble finding it, type Algorand in the search bar. 
• Find the pair ALGO/USD and click on it.

CEX.IO offers users the ability to sell or buy cryptocurrency using market or limit orders. You can use a limit order to buy BUSD or use a market order to sell bitcoin and exchange BTC to USD.

Type the amount in USD you want to spend. Ensure that the estimated amount of ALGO you want to buy looks accurate to you. Once you are ready, click Buy . Since this is a market order, your order will be automatically executed at the market price of ALGO. In addition to Algorand, you can also CEX.IO to buy Dogecoin and buy Shiba Inu.

You can also buy or sell Algorand using CEX.IO’s Instant Buy service and pay with a debit card or buy bitcoin with a credit card. 

Additionally, on CEX.IO you can learn how to buy BNB or how to buy Ethereum. 

Where to store ALGO

Once you have purchased ALGO, you now need somewhere to store it. When storing cryptocurrencies, there are several factors to consider before choosing the right wallet for your crypto needs. There are several main types of wallets. There are hot and cold wallets as well as custodial and non-custodial wallets. 

A cold wallet is a wallet that is a physical device that is not connected to the internet. For many cryptocurrency users, using a cold wallet is the most secure way to store their cryptocurrency privately since it is entirely offline. However, if a user loses the private key to their cold wallet, they will not be able to regain access to their cold wallet.

Hot wallets are connected to the internet. This can make the funds in the wallet easier to access, however, private keys may be more vulnerable to harmful actors. When selecting a hot wallet, it’s important to consider how your private keys will be safeguarded. For this, traders can select either a custodial or non-custodial wallet.

A custodial wallet is a wallet managed by a third party. Therefore, users who opt for a custodial wallet are placing trust in the third party to properly and securely store their private keys. Custodial wallets may be beneficial to users who lack the technical savvy or confidence to maintain their private keys. 

On the other hand, Non-custodial wallets are managed entirely by the user. Users who choose a non-custodial wallet are responsible for properly and securely storing their private keys. Loss of the private keys of a cryptocurrency wallet may result in a permanent loss of funds.

Learn more about the custodial services we offer when you choose to set up your CEX.IO cryptocurrency wallet.

FAQ

What is special about ALGO?

Like other large cryptocurrencies, ALGO is the native cryptocurrency of the Algorand blockchain. Algorand is a smart contract platform that allows developers to build decentralized applications on top of the network’s infrastructure. Smart contract blockchains can be used for a host of different applications, including DeFi lending, Decentralized Exchanges (DEXs), liquid staking, and rewards functions. 

How does ALGO work?

Unlike blockchains such as Bitcoin and Ethereum that use proof of work, Algorand uses a Pure Proof of Stake protocol. Users that participate in a Pure Proof of Stake protocol have the opportunity to stake the network's native cryptocurrency for a chance to validate transactions and earn rewards. On Algorand, users are randomly selected to propose blocks and vote on proposals. The chance that a user is selected is directly proportional to their stake. 

Could Algorand outperform Ethereum?

Although both Ethereum and Algorand are smart contract blockchains, they both have unique features. Both have different features that differentiate them from one another. Like Ethereum, Algorand has a host of smart contracts dApps. However, it must be stated that Algorand has far fewer dApps on it than Ethereum.