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!

ALGO Peer BTC price :

the following chart shows the ALGO/BTC price vs BTC price over time :

• As we can see, from January 12 to January 14, the ALGO/BTC has grown a lot, and after that, with the increase in the BTC Price, the ALGO/BTC has fallen sharply. The downward trend in the price of ALGO/BTC and the relative increase in the price of BTC continued until May 2, and from May 1 to May 8, the price of Algo resisted the fall of Bitcoin, and ALGO/BTC has risen.

• As we can see, from January 12 to January 14, the ALGO/ETH has grown a lot, and after that, with the increase in the ETH Price, the ALGO/ETH has fallen sharply.

• There does not appear to be a significant correlation between Algo price and number of transactions.

• Usually, as the price of Algo increases, more new users have joined the algorand chain.

• It seems that with a sharp drop in price, more ALGO will be transferred.

• It seems that with a sharp drop in SOL price, more SOL will be transferred.

Concolusion :

From the above analysis, we obtain the following results:

1. we realized that ALGO price is more closely correlated with the crypto market and top assets like BTC and ETH rather than their inner-network usage.
2. There does not appear to be a significant correlation between Algo price and number of transactions.
3. Usually, as the price of Algo increases, more new users have joined the algorand chain.
4. ALGO price vs ALGO volume tranferred : a sharp drop in price, more ALGO will be transferred.