What is wrong with Algorand? Algo/USD just made a new bear market low and Algo/BTC is at its lowest point in history. Algo is also the second worst performing top 50 alt over the past 90 days.
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Algorand was one of the most hyped projects here during the 2020/2021 bull market. It had an amazing rise from $0.096 in May 2020 to about $3 in November 2021. We were all like: Since then, however, Algorand has rolled over and performed much worse than most other alts. Let me summarize: (1) Algorand just set a new bear market low The price right now is $0.1548. This is 95% down from the November 2021 high and a price we have not seen since March 2020. A lot of other alts have not continued to make new lows but Algorand is one of the few projects that has done so. Other alts are also down a lot less. (2) Algorand is the second worst performing asset over the past 90 days While Bitcoin is up 8.8% in 90 days, Algorand is down 42.5%. Only Filecoin has performed worse over a 90 day period, but Filecoin is a terrible project with almost 100% inflation every year and it was marked as a security by the SEC. Algo is second from the right… (3) Algorand/Bitcoin keeps making new lows Algorand is 98% down relative to Bitcoin since its highest point. 98%! And 90% relative to the November 2021 peak. Its just nonstop bleeding. (4) The market cap just made a new bear market low Even the market cap of Algo also just set a new bear market low. So even if you factor in the inflation of the token since all time high, the project is bleeding money. So….
submitted by /u/Beyonderr |
