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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