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.
- 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.
- In September, Algorand crossed the US$2 mark for the first time in two years following news that Koibanx, a Latin American asset tokenization and blockchain financial infrastructure company, had signed an agreement with El Salvador to develop its blockchain infrastructure on top of Algorand’s technology. Algorand has also been expanding its use cases in decentralized finance (DeFi), non-fungible tokens (NFTs) and central bank digital currencies. The blockchain currently has over US$80 million in total value locked in DeFi protocols, according to DeFi Llama.
- 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.