ALGO Token Price Jumps To $0.17

ALGO token saw a 1.92% price surge reaching $0.1716 with its trading volume increased by 23.24% and a market cap rise of 1.88%.

The sudden increase in the token’s price which has risen by 1.92% in the past 24 hours to reach $0.1716 appears to have attracted considerable interest among cryptocurrency market enthusiasts today.

Market statistics made public by the cryptocurrency platform CoinMarketCap show that the trading volume of the token increased by 23.24% and its market cap increased by 1.88%. Below is a list of possible explanations for why ALGO token prices have increased today.  

According to the information provided by Coinglass a platform that facilitates futures trading. The open interest in the ALGO token has lately experienced a minor increase of 1.15 percent and is presently sitting at $34.96 million.

This further corresponds with the price increase that the ALGO token displayed today which indicates that an upward trend is occurring. Furthermore, the increase in the trading volume of the token indicates that new capital entering the market is contributing to the upward momentum of the price.

As a result, the total number of contracts that were traded also experienced a 7.52% increase hitting $44.73 million according to the data provided by Coinglass.

On the other hand, the open interest in ALGO futures on Binance increased to a total of $13.13 million while the open interest in Bybit increased to a total of $9.52 million attracting the attention of crypto market enthusiasts.

When it comes to the spike in futures trading of the token, it appears that these two CEXs are responsible for the majority of the surge which further contributes to the price momentum. On the other hand, it appears that another significant event is contributing to the price increase.

Within the API Portal, the Algorand Foundation has highlighted the launch of a new Algorand application programming interface (API). This assisted users in encouraging the creation of multichain decentralized applications which further bolstered the price of the currency.

In addition, Algorand Ventures, the investment arm of Algorand recently invested in Folks Finance a platform that facilitates the lending, borrowing and trading of digital assets. This investment has contributed to the expansion of cross-chain.

Folks Finance, the top DeFi protocol in Algorand has recorded an ATH TVL of $170 million since the end of 2023. This further coincided with the price increase that the token experienced.