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    Algorand Price Correlation

    Q109. Is the price of Algorand more closely correlated with the crypto market, and assets such as BTC or ETH, or is it more correlated with network usage such as number of transactions or ALGO transfers? How does this compare to other networks such as Solana? Note your findings and anything else that may be interesting in relation to Algorand's price movement!

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    this dashboard focuses on Algo price and look for any dependency on it's price and then compare it to Sol.

    frst lets see price for Algo,BTC and ETH per day.

    data from this dashboard are limited to be from the beginning of 2022. the reason to choose this time period was to look at crash price of BTC on May too.

    this chart has Algo price and number of transactions and also number of transfer counts per day.

    on May 2nd while both transactions and transfers increased, Algo price increased too.

    if we look at almost all days we see that Algo price is related to number of transactions and transfers. of course that BTC price will impact Algo price too.

    this chart is made from Algo swap price table and it has some missing data. since Algo price was not in hourly token price from ethereum tables, so we had to accept this chart for our analyzes.

    as a global opinion, BTC price impacts all other tokens in crypto. so when BTC price decreases we should expect price decrease for almost all tokens.

    from May 5th when BTC price started to crash, Algo price in some days increased instead of decrease but finlly Algo price start to crash too.

    so for Algo price, BTC and ETH price and also number of transactions has affected it.

    in the next part we will see data for Sol token.

    since we can not find Sol price in Solana tables, I used Ethereum table to find prices we want.

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    it looks like ethereum tables are more correct for price of token.

    this chart shows BTC, ETH and Sol price per day.

    as we see BTC price crash has affected Sol too and when BTC and cause of that, ETH are decreasing Sol price decreases too.

    for increasing scenarios this will happen too.

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    above chart is number of transactions and transfers per day on Solana and also Sol price.

    as we see in most days number of transactions has opposite impact on Sol price. for example on Apr 9th when number of transactions are at lowest number, Sol price has increased. and after that when number of transactions increased, Sol price decreases.

    so for Sol token, of course BTC and ETH price can affect it and Sol token doesn't behave in direction of number of transactions.