bottom of the channel is usually a good bet, so i'm looking to increase my ALGO bag here. strong support around $0.70, and a long ways away from the ATH, so this is a no-brainer for me. market still make take a dip, so this isn't a trade setup necessarily, but averaging in long term.
don't forget MIT has been working with the FED bank of boston on a "theoretical" digital currency, and the ALGO founder is on faculty at MIT. no real news here, nor any known link between ALGO and the FED, but i like connections like this. i'm a boston guy, so maybe i'm biased.
plus you earn 5%+ staking rewards, so i don't mind holding it!
Beautiful chart with the stars and all, how did you do that? damn haha!
reees
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@axelrodd, lol thanks. i was having a little too much fun with the icons earlier this year and never got around to deleting them all. i think the moon is up there somewhere too.
axelrodd
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@axelrodd, ambitious lol, but i never say never. i haven't actually done any price projections for ALGO... what would the total market cap have to be for a $325 ALGO? we can assume a generous 50% share of the market for the sake of simplicity...
@axelrodd, not sure i'm following. it's just calculating what the price of coins would be based on the circulating supply and another arbitrarily selected market's cap?
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@axelrodd, just crunched the numbers real quick and that's actually not an unreasonable price (though maybe the 1 year timeline is a little aggressive). assuming a 10T market cap, if ALGO could get to 10% dominance that would put the price at $306 (based on current circulating supply). 10T total market cap is reasonable, but the big questions are how ALGO could get to 10% dominance, and how long it would take to get there. currently sitting at around 0.16%.