Algorand (ALGO) — the native cryptocurrency of the Algorand blockchain — soared 50% from just under US$1.70 noon Asia time today to a new two-year high of US$2.66, according to CoinGecko data. But the surge was short-lived, with ALGO currently trading just under US$2 as of publishing time.

Fast facts

  • Algorand’s surge amidst the wider crypto market dip came as Korean cryptocurrency exchange Upbit announced the listing of the South Korean Won (KRW)/ALGO trading pair on its platform. Upbit, South Korea’s first licensed crypto exchange, dominates the Korean crypto market with a market share of over 80%.
  • Algorand is an open-source, public, blockchain-based network that supports a wide range of applications. The blockchain, which was launched in June 2019, uses a “pure proof of stake” (PPoS) algorithm invented by its founder Silvio Micali, an MIT professor.
  • Algorand is currently ranked the 19th-largest cryptocurrency with a market cap of US$12 billion, according to CoinGecko data.
  • Algorand’s Decipher event, which brings together Algorand’s developers, investors and stakeholders, is scheduled to take place from Nov. 29 to Nov. 30 in Miami and online.

See related article: Algorand Foundation, Blockchain Association Singapore partner to grow blockchain ecosystem