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
Source: CoinGecko

See also: Algorand and Blockstack Are Building a Multi-Chain Smart Contract Language

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