ALGO, a cryptocurrency backed by Algorand Technologies, appears to have garnered noteworthy interest among crypto market enthusiasts today following a sudden jump in the token’s price, rising 1.92% over the past 24 hours, reaching $0.1716.

As per market charts unveiled by the crypto platform CoinMarketCap, the token’s trading volume and market cap also jumped 23.24% and 1.88%, respectively. Here’s a list of potential reasons why the ALGO token price is up today.

ALGO Derivatives Data Mirrors Price Jump

According to the data offered by Coinglass, a futures trading and information platform, the ALGO token’s open interest recently noted a slight bump of 1.15% and is currently resting at $34.96 million. This further aligns with the price hike showcased by the token today, signaling an uptrend.

Moreover, this hints towards new money coming into the market, further aiding the price’s upward momentum, as also seen in the token’s trading volume upswing. In the interim, the total number of contracts traded also jotted a 7.52% upswing, reaching $44.73 million, as per Coinglass’s data.

Meanwhile, the ALGO futures open interest on Binance totaled $13.13 million, whereas it totaled $9.52 million in Bybit, nabbing attention among crypto market fanatics. These two CEXs appear to be responsible for the lion’s share when it comes to the token’s surge in futures trading, further aiding the price momentum.

Also Read: Bitcoin ETF Notes $405 Mln Inflow Amid BTC Price Rally To $47K

Algorand’s Recent Developments

Whilst, another noteworthy development appears to be fueling the price jump. The Algorand Foundation recently spotlighted the launch of a new Algorand API in the API Portal. This aided users in boosting multichain dApp development, further bolstering the token’s price.

In addition, Algorand Ventures, Algorand’s investment arm, recently invested in Folks Finance, a digital assets lending, borrowing, and trading platform, fueling cross-chain expansion. This comes as Folks Finance, Algorand’s leading DeFi protocol, recorded an ATH TVL of $170 million as of 2023 end. This further coincided with the token’s price pump.

Also Read: Space ID Crypto: Trader Moves 5 Mln ID To Binance As Price Soars 17%

The post ALGO Price Jumps Past $0.17, Here’s Why appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am