With cryptocurrency markets experiencing intermittent bearish momentum, some coins show bullish signs. Today’s biggest gainer on Crypto.com is Algorand, up a modest 8% in the past 24 hours. What is Algorand, and why did the price rise today? Let’s find out.
What Is Algorand?
Algorand is a blockchain-based platform for decentralized applications. It features a robust ecosystem of over 500 global organizations leveraging its technology. According to its official website:
“Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value across defi, financial institutions and governments.”
Some of Algorand’s top apps include Circle, a global financial technology firm, IDEX, the world’s leading decentralized smart contract exchange, and Republic, a private investing platform.
Why Is Algorand Price Rising?
The most recent news about Algorand is their recent attendance at Miami’s DeCipher on November 30th. The event was a success for Algorand, as ALGO’s price increased by over 20% that day.
As more highlights continue to come out on Algorand’s YouTube and Twitter channels, investors build more confidence in the project.
In addition, with the total ALGO addresses reaching a new all-time high of 16.4 million, it’s clear that the Algorand ecosystem is growing rapidly.
ALGO Price & Tokenomics
At the time of writing, ALGO is trading at $1.8, up 10% in the past 24 hours. Its market cap is $11.3 billion, with a 24-hour trading volume of $850 million.
There are 10 billion ALGO, with 6.29 billion in circulation. You can purchase Algorand on Binance, Coinbase Exchange, Huobi Global, KuCoin, Kraken, Crypto.com, and more.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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