Algorand's Move Into DeFi Gives ALGO Price a Boost

Markets have responded well to Algorand's plans to get in on the DeFi action. The native ALGO token has experienced a jump in price.

AccessTimeIconAug 20, 2020 at 10:12 a.m. UTC
Updated Sep 14, 2021 at 9:45 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

ALGO tokens are up as markets respond positively to Algorand's newly announced plan to become an alternative venue for the white-hot decentralized finance (DeFi) space.

  • CoinGecko data shows the price of ALGO tokens has increased from $0.53 to nearly $0.65, a jump of approximately 20% in the past 24 hours.
  • That translates into an $80 million increase in ALGO's market cap to $515 million.
  • ALGO peaked at over $0.70 last Friday, the highest it's been in over a year. The token has a way to go before it approaches its all-time high of $3.56, reached in June 2019.
ALGO tokens over the past week
ALGO tokens over the past week

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about