Algorand has skyrocketed in the last few hours after the announcement made by Coinbase related to the listing of this cryptocurrency. The digital currency has grown by 150% since the end of June from $0.20 per coin to almost $0.35 in the last few hours. The information was released by Coinbase on its official blog on July 16.
ALGO Surges After Coinbase Listing
Algorand was able to experience massive gains in the last few hours due to its recent listing by Coinbase. Coinbase is one of the most popular platforms for users to trade cryptocurrencies and digital assets due to its simple user interface and the services that it is currently offering.
Algorand is a blockchain project that aims at improving decentralization, scalability and also security. Since 2019, the project has been expanding and offering solutions to companies and projects that wanted to build scalable blockchain projects.
Users in Coinbase will now be able to trade, buy, sell, receive and also store ALGO in all the regions where Coinbase is supported. Back in August 2019, Coinbase PRO announced that it was allowing users to trade this cryptocurrency with EUR, GBP. In addition to it, users will also be able to find ALGO on the Coinbase Custody platform.
According to data provided by CoinMarketCap, ALGO grew by over 18% in the last 24 hours and it was able to reach the 40th position in the market. Each ALGO coin can now be acquired for almost $0.35 and it has a market valuation of $269 million.
It is worth mentioning that large blockchain companies such as Binance and Coinbase have now been blocked from participating on Twitter due to the recent hack that affected the whole platform. This shows that even without Twitter, the announcement made by Coinbase was able to attract a large number of users and investors.
In general, when a large exchange such as Binance or Coinbase offers support to a new token, investors tend to massively buy this asset, which causes the price to skyrocket even without having another reason to do so.
In the past, Initial Coin Offerings (ICOs) did everything that was able in order for getting listed in Binance and other large exchanges. This is something that could help grow the interest for these assets and allow the price of the token to skyrocket in a short period of time.