Algorand's Move Into DeFi Gives ALGO Price a Boost

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.

CoinDesk - Unknown — ALGO tokens over the past week

This comes after Algorand's founder, Silvio Micali, unveiled a new set of smart contract capabilities that lowered transaction fees and ultimately make Algorand a faster and more efficient venue for DeFi-related activities – such as yield farming.
The digital asset industry has become completely enthralled by the sudden rise in the DeFi space over the past year – some projects have been able to attract hundreds of millions of dollars in investment in as little as 12 hours.
The total value locked in DeFi applications went past the $6 billion milestone at the week beginning, according to DeFi Pulse.

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Paddy Baker

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.