The whole global financial system is currently moving to the blockchain, and Algorand is gaining notoriety for its distinctive approach to decentralization and scalability. Not to mention the cheap costs, Algorand is a single-layer blockchain that is energy-efficient, quantum-secure, and has instant finality and continuously high throughput. For this reason, I urge everyone to explore the fascinating development of Algorand and its possibilities.
In this piece, I'd want to share some of the most recent news from Algorand with you and explain why I think we should all have hope for 2024 and beyond. Finally, we will also examine some pricing projections for the future. The number of monthly active users on Algorand increased by almost 34%, hitting a yearly high of 1.3 million.During the month, the number of daily active users also reached at almost 180,000.
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The rise in both daily and monthly users has now been influenced by 2 reasons.
1. The Coinbase Quests were launched
Coinbase customers were able to interact with Algorand's platform and ecosystem through Coinbase Quests, which were introduced in September and contributed to the increase in daily active users.
2. More familiarity with the decentralized applications of Algorand.
Users could explore and engage with a variety of dApps developed on Algorand as part of the Coinbase Quests. And as other users saw the possibilities of Algorand's ecosystem, this exposure probably helped to support the growth in DAOs and MAOs.
Therefore, the collaboration with Coinbase was a highly astute strategic choice to highlight Algorand as an operational and functional web3 platform and ecosystem to everyday users. But before we start, allow me to share an important perspective.
You see, now is the perfect time to focus on education and strategic investments. Now is the time to identify the market leaders of tomorrow and pick them up at 50-90% from their previous all-time highs. Well, in fact, Algorand is down more than 90%, it's down 96% from its previous all-time high.
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ALGO Price Overview & Analysis
The live ALGO price while writing this post traded at around $0.13 on the dollar and the current coin market cap rank is number 65 with a live market cap of more than 1 billion, trading as I already mentioned more than 96% down from its previous all-time high, which was recorded in 2019. So this could generate more than 2,600% return on investment if it's going to hit its previous all-time high.
Now I would like also to inform you that you need to do your own financial research. Don't rely on me, don't trust me, because in the end of the day, I don't know shit about crypto.
Algorand's Latest News
Now let's get into the first piece of news and this is big from my point of view. You see, Algorand introduced Euro and USD stablecoins as MICA compliant stablecoins in Europe.
The introduction of the Euro and the USD stablecoin provides a regulated and secure experience for users in Europe. The US stablecoin issued from Algorand is released by Circle as a fully compatible version of the widely known USDC. Technical advantages of the Algorand blockchain include fast transfer, widespread support on Binance and Coinbase, and very low fees.
Now in addition to the Algorand USD stablecoin, Algorand also offers a EURO stablecoin. And this is a fully regulated digital version of the Euro. And the Algorand EURD maintains a one-to-one pick to the Euro without charging transfer fees.
This makes it obviously a preferred choice for daily and micro transfers. So with two stablecoins, these two major stablecoins, Algorand is among the leading players in the emerging crypto sector in Europe.
Next piece of news is that the European fintech company Settlement moves from Ethereum to Algorand.
Settlement, actually spelled Setl ment, known for pioneering blockchain-based payments, has announced a strategic shift to the Algorand blockchain. And this move promises to accelerate Settlement's real-world payment capabilities while dramatically cutting development time for blockchain components by a factor of seven.
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The switch to Algorand also ensures continued compliance with Europe's stringent regulations, including the Payment Service Directive 2, also known as PSD 2. Algorand India and SIVA partner to launch a digital health passport for informal sector women.
This blockchain-based solution will provide secure immutable records of verified credentials, enhancing the services offered through SIVA. The digital health passport will empower women to manage their health information securely. Now, leaders from both organizations emphasize the importance of this collaboration in enhancing healthcare access and outcomes for working women.
This partnership exemplifies a real-world application of blockchain technology to revolutionize healthcare delivery and foster innovation in the sector. My question is, what about the men? Where are we? Anyway, let's move on to the next piece of news that is, from my point of view, probably the best. Algorand and Hedera tested by Sweden's central bank for retail CBDC solutions.
So the Swedish Riksbank has tested Algorand and Hedera as part of its exploration for retail solutions for the e-krona project, focusing on different CBDC models. In its report, Potential Climate Impact of Retail CBDC Models, the Riksbank outlines three design models for the e-krona, namely a highly centralized design, a semi-centralized design, and a decentralized design. Algorand represents the decentralized design functioning as a permission network where participants are licensed financial institutions.
This design enhances resilience through multiple copies of the system, while Algorand's high transaction throughput, TPS, is obviously notable, featuring 1126 validators and an actual throughput of 9.85 transactions per second, with a potential maximum sustainable throughput of 1000 TPS.
Price Predictions for 2025
And finally, let's look at some future price predictions and see what the sentiment is like. Today we got two, and in the end, I will give my own.
Now, the first one comes from Wallet Investor, and they believe we're going to see a high of 60 cents in 2025. The second one comes from DigitalCoin.com, and they're seeing a high in 2025 of only 32 cents on the dollar. So before we end, I got two things to say.
First, my price prediction. I believe that we will see algo hitting probably somewhere around 2 dollars to 2.5 dollars by the end of 2025. Which leads me to the second point.
I am going to buy, add ALGO to my portfolio at today's price. That's all I got to say about that.