Algorand's market capitalization struck a different all time high following an unexpected listing by Coinbase, which ignited a crypto record as the 3rd-toughest day of trading.
The unannounced Coinbase listing has pushed the price of Algorand (ALGO) up by over thirty percent in less than 24hrs after reaching a market cap peak of 274million USD.
The sudden announcement was made yesterday, the 16th of July, and ALGO trading was immediately launched on the exchange's application and official website. There was an immediate spike in the trading volume of the newly listed coin.
The listing of Algorand shocked the crypto community because it wasn't among the coins under consideration by Coinbase for listing. The community is still caught up in the sudden listing.
ALGO is currently trading over 0.35 dollars presently, which is 3X its price three months ago. With the estimations from Nomics that only 8 percent of ALGO is circulating, the record market cap can be assigned in part to improve the circulation supply.
Finally, although Coinbase released an article to announce the listing they are yet to tell the public about its support for ALGO on Twitter. The quietness on the App could be because of the hack, which happened recently.
Pounds and Euro pairs for ALGO were listed on the same day, followed by Tezos, Ripple, and other pairs.
Source: Cointelegraph
