ALGO Token Price Rises with Increased Trading Volume and Market Cap
The price of ALGO, a cryptocurrency backed by Algorand Technologies, has experienced a significant increase, rising 1.92% in the past 24 hours to reach $0.1716. CoinMarketCap data reveals that the trading volume and market cap of ALGO have also seen notable jumps of 23.24% and 1.88%, respectively.
ALGO Derivatives Data Reflects the Price Surge
Data from Coinglass, a futures trading and information platform, indicates that the open interest for ALGO futures has increased by 1.15%, currently standing at $34.96 million. This aligns with the upward trend in the token’s price and suggests the entry of new money into the market. The total number of contracts traded also saw a 7.52% increase, reaching $44.73 million.
Binance and Bybit are two prominent exchanges contributing to the surge in ALGO futures trading, with Binance recording an open interest of $13.13 million and Bybit totaling $9.52 million.
Algorand’s Recent Developments Contribute to Price Increase
The launch of a new Algorand API in the API Portal by the Algorand Foundation has played a role in boosting ALGO’s price. This API supports multichain dApp development, attracting users and investors alike.
In addition, Algorand Ventures’ investment in Folks Finance, a digital assets lending, borrowing, and trading platform, has fueled cross-chain expansion and coincided with Folks Finance’s all-time high total value locked (TVL) of $170 million.
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