Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85% 🚨 This article is 5 years old...
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Algorand’s ALGO token listing on Coinbase Pro, price jumps 11.85%
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Updated: Nov. 7, 2019 at 5:58 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Coinbase Pro announcement of Algorand’s ALGO listing pushed the price up from $0.727 to $0.814 within 40 minutes, an 11.85 percent increase—and wicking the price as high as $0.841.
Algorand—a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security—made the news last month after it completed a $60 million token sale. The company’s token sale implied that Algo token’s market capitalization was close to $6 billion, which would make it the seventh-largest coin.
Today, Coinbase announced it was listing the coin on Coinbase Pro, the crypto exchange’s professional trading platform. The price surged as a result, historically in line with the “Coinbase Effect.”
Following the announcement, the price of ALGO went from $0.727 to a high $0.841—up 15.7 percent—within 40 minutes. For the bulk of trading the highest the token traded at was $0.814, up 11.85 percent. Since the peak the coin traded in a range between $0.758 and $0.822.
Trading volume is also up substantially in response to the news. Volume increased from a three-day average of $80.2 million to $109.9 million, a 37 percent increase.
The announcement comes on the heels of a week of price-positive news for Algorand. Coinbase first announced it was considering adding ALGO, along with eight other coins including Dash, Decred, and Ontology, on Aug. 5.
Aug. 2 Algorand announced an “early redemption” program that allowed users to sell-back tokens for an 85 percent refund on the token’s auction price. The news caused the price of the token to skyrocket, sending it from $0.558 to $0.820 from open to close on record volume of $284 million.
Follow Coinbase Pro on Twitter for real-time updates on when ALGO will move from transfer-only to full trading on the exchange.
Algorand Market Data
At the time of press 5:58 am UTC on Nov. 7, 2019, Algorand is ranked #51 by market cap and the price is down 0.64% over the past 24 hours. Algorand has a market capitalization of $94.59 million with a 24-hour trading volume of $102.09 million. Learn more about Algorand ›
Crypto Market Summary
At the time of press 5:58 am UTC on Nov. 7, 2019, the total crypto market is valued at at $218.63 billion with a 24-hour volume of $50.74 billion. Bitcoin dominance is currently at 66.26%. Learn more about the crypto market ›
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Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
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Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
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Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.