HomeCryptoTezos coin and Algorand: how are they doing?

Tezos coin and Algorand: how are they doing?

Even though crypto markets always seem to move almost in unison, following the price trend of Bitcoin or sometimes that of Ethereum, some cryptocurrencies occasionally deviate a bit from this general trend. Today we examine Tezos coin and Algorand. 

Tezos coin 

XTZ is the native cryptocurrency of Tezos. 

It landed on the crypto markets in July 2018, which was at the height of the bear market of the previous cycle. 

Tezos in particular is a project that was born in 2017 with a large ICO that raised $230 million, with considerable ambitions that, at least for now, do not seem to have been met. 

Indeed despite the fact that, at some point over the past few years, XTZ managed to break into the top 20 cryptocurrencies by market capitalization, it has now slipped to 52nd place with just over $1 billion in capitalization. 

Indeed, after debuting on the crypto markets at a price of just under $3, it even dropped below $0.4 over the next five months, probably due to the most acute phase of the 2018 bear market. 

By early 2020 it had already recovered the $3 mark, even surpassing $4 later in the year. 

By late 2020 the price of XTZ was back to $2, but at that point the latest big speculative bubble in the crypto markets began to inflate. 

It reached an all-time high in October 2021 at over $9, which was 350% higher than its price in December 2020, but only 200% higher than its initial price in 2018. 

In other words, among the major cryptocurrencies it was one of those that gained the least during the last big bull run. 

The bear market of 2022 particularly hurt XTZ, as it now loses 88% from its highs, with a low peak at $0.7 at the end of the year. 

It is worth noting that not only was that low 92% lower than the high, but also 65% lower than the late 2020 price, and 76% lower than the initial 2018 price. 

Thus the Tezos cryptocurrency in 2021 did not perform particularly well, and in 2022 it performed decidedly poorly. The current price of about $1 is half of the pre-bubble price. 

Algorand (ALGO)

In some ways a similar argument can be made for ALGO, which is the cryptocurrency native to the Algorand blockchain. 

ALGO made its debut on the crypto markets in 2019, but the Algorand project was founded in 2017, the same year that the Tezos project started. It simply took a little longer to reach the markets. 

Algorand was also born with huge ambitions, which have proven to be probably excessive for now, but it did not land on the markets during the acute phase of the previous bear market. In fact, 2019 was a year of relative lateralization of the crypto markets, with a slight rise. 

The initial price was about $1.6, rising to over $3.5 the day after it landed on the markets. But by September of that year it had fallen to $0.2. 

By December 2020 it was back to $0.3, and thanks to the last major speculative bubble it rose to a high at $2.4 in September 2021. The all-time high, however, remains the $3.56 touched the day after it landed on the markets. 

The current price of $0.24 is lower than the pre-bubble price, and only slightly higher than in September 2019. However, by the end of last year it had fallen as low as $0.16, which is a price below even the 2019 low. Only during the March 2020 financial market crash, due to the onset of the pandemic, it fell more. 

It is worth noting that in 2021 its growth was 700%, which is significantly more than Tezos. Therefore, it is not surprising that in 2022 the drop was 93%. The current price is also 93% lower than the all-time high in 2019. 

In summary, both Algorand and Tezos are performing worse than the major cryptocurrencies, although at least ALGO in 2021 did better than BTC. 

In both cases, these are projects on which a lot of attention had been focused during the previous cycle, but which have since been somewhat overtaken, and bypassed, by new projects that emerged during the current cycle. 

Oftentimes in crypto markets, old projects that fail to succeed are then replaced by new projects, which in turn will then be replaced by other projects if they fail to make inroads. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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