Algorand (ALGO) surges by 40% following listing on Coinbase

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Algorand (ALGO) has enjoyed a surge close to 40% rise in value in the last 24 hours following its listing on Coinbase. The popular exchange revealed yesterday that it added ALGO to its portfolio of cryptocurrencies trades on its platform and mobile apps. With this, Coinbase customers across the world can now buy, sell and manage ALGO coins on its platforms. In its press release, Coinbase recalled its new ambitions regarding the addition of new assets to its platform:

One of the most common requests from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We have announced a new asset listing process, designed in part to speed up the addition of more cryptos. We are also investing in new tools to help people understand and explore the world of crypto.

Following the announcement the price of ALGO rose from $0.28 to $0.39, an increase of almost 40% in 9 hours. At the time of writing, ALGO is trading at $0.358.

This sudden increase is also the 3th largest daily increase in history ALGO. In addition, Algorand’s market capitalization reached a new record with nearly $275 million.

Algorand already close to Coinbase

This new listing further strengthens the close collaboration between Coinbase and Algorand. Already available for trading since August 2019 on Coinbase Pro.

ALGO is also supported by Coinbase Custody for secure storage of coins and their staking. Last month, the stablecoin USDC launched by CENTER, a consortium developed by Circle and Coinbase, was deployed on the Algorand blockchain.

Knowing that previously, only the Ethereum blockchain was used for the issuance of USDC, CENTER made the choice of Algorand within the framework of a new device focused on the multiplication of implementations of the stablecoin.

Coinbase effect key in ALGO price surge

The “Coinbase Effect”, a term which designates the impact of a listing on Coinbase, has not lost its splendor.

For an altcoin, the simple fact that it is available on the American platform offers it unprecedented visibility and also translates as a pledge of seriousness on the part of the team behind the project, to whom Coinbase trusts.