š„š„š„ALGO Price Passes $0.17, Here's Why
#ALGO a cryptocurrency backed by lgorand Technologies, seems to have garnered considerable interest among crypto market enthusiasts today after a sudden rise in the token price, which reached $ 0.1716 with an increase of 1.92% in the last 24 hours.Dec.
According to the market charts announced by crypto platform CoinMarketCap, the token's trading volume and market capitalization also increased by 23.24% and 1.88%, respectively. Here is a list of possible reasons why the ALGO token price is rising today.
ALGO Derivatives Data Mirrors Price Jump
According to the data provided by the futures and information platform Coinglass, the open position of the ALGO token has recently registered a slight increase of 1.15% and currently stands at $ 34.96 million. This is even more in line with the price increase that the token is exhibiting today, indicating an upward trend.
Moreover, this indicates that new money will enter the market, which further helps the upward momentum of the price, as can be seen in the increase in the token's trading volume. According to Coinglass' data, meanwhile, the total number of contracts traded also increased by 7.52% Decelerating to $44.73 million.
Meanwhile, the open position of ALGO futures on Binance has reached $ 13.13 million, while the total on Bybit has reached $ 9.52 million, attracting the attention of crypto market fanatics. Dec. These two CEX seem to be responsible for the lion's share of the token's increase in futures trading, further helping the price momentum.
The Latest Developments of Algorand
However, another notable development seems to be fueling the price increase. The Algorand Foundation recently drew attention to the launch of a new #ALGORAND API on the API Portal. This helped users increase the development of multi-chain DApp, further increasing the price of the token.
