A surprising Coinbase listing has shown Algorand’s price (SOMETHING) to rise by almost 30% in less than 24 hours and has pushed Algorand’s market capitalization to a new record (USD 274 million at the close of this edition).
On July 16, Coinbase abruptly announced that ALGO trading had been launched on Coinbase.com and the exchange’s applications. Trading volume for Algorand increased almost four times since then in response to the price, making it the third strongest day of trading in ALGO’s history.
Coinbase adds Algorand (ALGO) in its most recent expansion
Prices of SOMETHING tripled in three months
SOMETHING is currently trading above USD 0.35 for the second time in its history and its price has tripled from the lows recorded after the fall of the ‚Black Thursday‘ crypto market in March. Algorand’s record market capitalization can be attributed in part to increases in circulating supply; Nomics estimates that only 8% of SOMETHING is in circulation.
Algorand price and market cap performance
The listing has taken the Bitcoin Billionaire community by surprise, as Algorand is not among the 18 cryptoactives Coinbase announced were being considered for inclusion on the list last month. Algorand’s absence from the list may be due to the fact that he appeared on the Coinbase Pro platform last August.
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Hacking on Twitter
Despite publishing a blog post announcing the listing, Coinbase has not yet published its support for SOMETHING on Twitter. The silence on Twitter can be attributed to the recent hack that showed the exchange’s social accounts and its executives engaged in a crypto-currency scam on Twitter.
Coinbase Pro also launched EUR and GBP pairs for ALGO along with Chainlink (LINK), Ripple (XRP), and Tezos (XTZ) on July 16, adding further strength to the upswing.