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?

This dashboard is were created in 2022-06-30 and it is an Algorand project. we have used below tables to acquire our data for this project :

• flipside_prod_db.algorand.prices_swap

• flipside_prod_db.ethereum.erc20_balances

• flipside_prod_db.algorand.transfers

• flipside_prod_db.algorand.transactions

• solana.core.fact_transactions

In total all above price charts have almost same trend but in details they are a bit different.

We used "flipside_prod_db.algorand.prices_swap" table to get Algo price and "flipside_prod_db.ethereum.erc20_balances" table to get BTC and ETH price.

Those details who was different in above price comparison chart actually come from transactions and Algo transfers.

Let us see SOL price

SOL also have the same trend in price as BTC and ETH even more than algo.

Solana transactions also have an effect on the price but total trend is still like BTC and ETH price

Conclusion

we found that price of ALGO is more closely correlated with the crypto market, and assets such as BTC or ETH but network usage such as number of transactions or ALGO transfers also have their effect on price. and this is for all market not just for ALGO.

Appendix

Solana price chart source : www.tradingview.com

My discord : msafadoost#5494