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Algorand crypto surges 30 percent after surprise Coinbase listing

TL;DR

Popular American crypto exchange firm Coinbase confirmed the listing of Algorand crypto on Thursday, July 16. After its listing on Coinbase spurred by popular customers’ demand, the crypto price surged over 30 percent under 24 hours.

Algorand crypto price surge pushed the crypto’s price to a new record high. Reportedly, Algorand crypto trade volume surged more than four times after Coinbase confirmed its listing. Algorand is a blockchain focusing on providing sustainable blockchain infrastructure.

With Coinbase listing of Algorand, users of the platform in the US would now be able to use trade, buy, and sell ALGO on the web version and Coinbase app.

Reportedly, Algorand and Coinbase connection began last year when ALGO gained listing on Coinbase Pro, the institutional-grade arm of the exchange. Coinbase would begin offering EUR and GBP trading on the ALGO pair starting July 21.

Algorand crypto price multiplies

The crypto price currently trades at over $0.35, which is the second time it would trade so high ever in its history.  The crypto price has surged three times over its all-time low it plunged into after the ‘Black Thursday’ crypto market crash in March.

Reportedly, the cryptos Coinbase listing has come as a shock as Algorand is not part of 18 cryptos the American exchange firm said they were considering listing in June. However, it could be because Algorand crypto is listed on the Coinbase Pro platform last August.

Algorand built to solve blockchain trilemma

After the crypto launched in 2019 by Silvio Micali, Algorand was aimed to solve blockchain issues by providing a decentralized, scalable, and highly secure blockchain infrastructure. Algorand’s foundation on Twitter posted that the crypto’s ecosystem keeps evolving as more people in the crypto community realize the scale of innovation that can be built on Algorand.

Charles Hoskinson, Cardano founder, also congratulated the ALGO project. Cardano’s ADA, unlike Algorand (ALGO) is yet to be listed on Coinbase.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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