ALGO, the cryptocurrency backed by Algorand Technologies, seems to have attracted significant attention among crypto market enthusiasts today after a sharp jump in price, up 1.92% in the last 24 hours, reaching $0.1716.
Based on the market chart, the token trading volume and market capitalization also increased by 23.24% and 1.88% respectively. Here are the factors why the price of ALGO tokens increased.
Based on the data offered by Coinglass, a trading platform and token information ALGO recently recorded a slight increase of 1.15% and is now at $34.96 million. This is in line with the price increase shown by the token today, indicating an upward trend.
In addition, this shows the flow of money entering the market, also helping the momentum of the price increase, as also seen in the increased trading volume of the token. At the same time, the number of contracts traded also increased by 7.52%, reaching $44.73 million, based on Coinglass data.
On the other hand, another noteworthy development seems to be driving the price surge. The Algorand Foundation recently launched the new Algorand API on the API Portal. This helps users in strengthening dApp development, further driving the token price spike.
In addition, Algorand Ventures, the investment arm of Algorand, recently invested in Folks Finance, a digital asset lending, borrowing, and trading platform, driving its cross-chain expansion. This comes as Folks Finance, Algorand's flagship DeFi protocol, recorded a TVL ATH of $170 million by the end of 2023. This further equates to an increase in token prices.
