Ad Coinbase Pro Algorand’s inclusion in the ALGO list led to a price increase from 0,727 to 0,814 within 40 minutes, which is 11,85% higher, and the price rose to 0,841.
Algorand — a Boston-based blockchain company created to improve decentralization, scalability, and security — broke the news last month after it completed a $60 million token sale. The sale of the company's tokens implied that market capitalization Algo's token was close to $ 6 billion, making it the seventh largest coin.
Today Coinbase announced that it is listing the coin on Coinbase Pro, a professional crypto exchange trading platform. As a result, the price rallied, historically in line with the Coinbase Effect.
After the announcement, the price of ALGO rose from 40 to a high of 0,727 in 0,841 minutes, up 15,7 percent. For the bulk of trading, the highest traded token was $0,814, up 11,85 percent. Since its peak, the coin has traded in a range of 0,758 to 0,822.
Trading volume also increased significantly in response to the news. The volume increased from a three-day average of 80,2 million US dollars to 109,9 million US dollars, which is an increase of 37 percent.
The announcement comes after a week of positive prices for Algorand. Coinbase announced for the first time that it is considering adding ALGO along with eight other coins, including Dash, Decred and Ontology, on 5 on August.
On August 2, Algorand announced an “early redemption” program that allowed users to sell tokens with a return of 85 percent of the token auction price. This news led to a rapid increase in the price of the token, with the result that the opening price ranged from 0,558 to 0,820 US dollars with a record volume of 284 million dollars. USA.
Follow Coinbase Pro on Twitter to receive real-time information about when ALGO will switch from transfers to full trading on the exchange.