For a brief time in November 2021, the price of an Algorand cryptocurrency was worth more than two U.S. dollars - twice the value it recorded in August 2021. The relatively young token - originally coined in 2017, it did not record a market cap until 2019 - gained in relevance in 2021 as exchanges like Coinbase listed the ALGO coin more often. This ease of access made Algorand an interesting prospect for investors who were looking for coins that cover smart contracts and interoperability: Unlike Bitcoin, which is meant to store value and essentially act as a digital substitute for gold, coins like Algorand are meant to power technical innovation in the blockchain and propel Decentralized Finance (DeFi). In the case of ALGO, it allows for the launch of projects across several of the most popular DeFi blockchains at the same time. As of May 4, 2025, one ALGO token was worth 0.20 U.S. dollars.

The market cap of cryptocurrency Algorand nearly tripled between August and September 2021, and initially continued to grow in November 2021. The rise of the ALGO coin in September was noticeable, as it came in a time when the market cap of Bitcoin and other digital coins was declining. The Algorand coin is similar to Ethereum, Cardano, Solana and Polkadot in that is powers its own layer 1 blockchain, an environment for smart contracts and essential for setting up Decentralized Finance or DeFi projects. The market cap increase in September likely reflects a sentiment that Algorand has the potential to become a new Solana.