Amidst the altcoins that charted immense gains was Algorand, which had a good run over the last couple of days.
However, despite the considerable rally, the ALGO holders are still disappointed and facing losses to the point where this increase has become useless.
The Reason Behind Algorand Investors’ Losses
Unlike Algorand, when a cryptocurrency launches, the trajectory follows one of two paths. The asset rises and falls, followed by an eventual increase, or the token corrects first but then finds a way back to the top.
On the other hand, ALGO first charted its all-time high right after launch in June 2019 and has since been struggling to make it back up top. Trading far below the ATH of $3.27, the altcoin is currently at $0.31.
This means Algorand’s price would need to rise by at least 926% to reclaim the highest point and chart fresh highs. The demand for the same is immensely high, but it does not seem like ALGO will be able to achieve it anytime soon.
Consequently, the investors that bought their tokens for around 20% of the ATH will have to wait much longer before they can book profits. These addresses are known as all-time higher, and at the moment, they account for 85% of all ALGO investors.
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Author: Aaryamann Shrivastava
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