Algorand is one of the largest projects in the crypto market and is 40th in terms of market capitalization. A few days ago, the Bitcoin exchange Coinbase announced to list the cryptocurrency. This helps the project to become more widely known. But what can the cryptocurrency ALGO do and what problem does it solve?
ALGO now available at Coinbase, Coinbase Pro and Coinbase Custody
With the rise in the prices of many cryptocurrencies, crypto exchanges are also much more happy to list new digital assets. The latest cryptocurrency in the Coinbase offering is Algorand (ALGO). As the stock exchange announced in a blog post on July 16, trading with ALGO is effective immediately is also possible.
But the listing came as no surprise. Because since August 2019, the cryptocurrency has already been listed on the company's Pro Exchange, Coinbase Pro. From July 21, trading with ALGO will be supplemented by the trading pairs ALGO / EUR and ALGO / GBP. With Coinbase Custody, Coinbase also offers secure storage of its cryptocurrencies, and Algorand (ALGO) is also supported.
The ALGO course rose significantly as a result of the listing. Of the Coinbase effect doesn't stop at Algorand either. Since the Coinbase listing became known, the ALGO course has increased by more than 30%. If an ALGO token was quoted at $ 0,25 USD before listing, the price rose to $ 0,36 USD. An increase of almost 50% within a few days. The following graphic shows the price development over the past seven days. The significant increase as a result of the Coinbase listing on July 16 is noticeable:
Coinbase is examining 18 cryptocurrencies for a listing
Coinbase states that listing more cryptocurrencies is one of the most common requests currently. For this reason, in mid-June the exchange published a list with a total of 18 cryptocurrencies that are eligible for listing on one of the largest exchanges worldwide.
And the list seems promising. Because the cryptocurrency compound (COMP) has already been listed and was also able to record enormous price increases as a result of the Coinbase listing. As we reported, the rose COMP course by more than 200%
As stated in the press release, a listing of the 18 cryptocurrencies mentioned is of course not guaranteed. Coinbase will only examine the digital assets and decide whether one of them meets the technical requirements of the exchange, which could ultimately lead to a listing. The complete list and further information can be found in our article:
Markus from Kryptokumpel.de
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