Algorand’s unexpected listing on Coinbase drove ALGO’s price up nearly 30% in less than 24 hours. Algorand’s capitalization has set a new high.
Yesterday, Coinbase unexpectedly announced the start of trading ALGO. As a result of this event, Algorand’s total trading volume has increased almost four times.
ALGO is currently trading at about $ 0.34, while the coin’s price recently exceeded $ 0.35 – for the second time in the history of a cryptoasset. Algorand’s record market capitalization, which reached $ 272 million and has now dropped to $ 268 million, is due to an increase in the number of coins in circulation. This coin has a very high mining speed – according to Nomics estimates , there is only 8% of the maximum ALGO in circulation.
The Coinbase listing took the community by surprise as Algorand was not listed among the 18 cryptoassets Coinbase was considering for the next listing. The absence of Algorand in the list may be due to the fact that it was added to the listing of the Coinbase Pro platform in August last year.
Despite posting a blog post announcing the listing, Coinbase has yet to make the announcement on Twitter. This can probably be explained by the massive hacking of Twitter accounts this week by a number of large exchanges, including Coinbase.