Algorand (ALGO) hit a new all -time record high (ATH), $ 2.90, up 80% from a daily low, $ 1.65 at noon yesterday, inviting question marks.
Apparently the spike in the price of ALGO has something to do with its listing on the Korean cryptocurrency exchange, Upbit yesterday.
At the same time, the largest producer of exchange traded products (ETPs), 21Shares AG has announced the listing of three crypto ETPs: Polygon, Avalanche, and Algorand on the Swiss SIX exchange.
Along with ALGO, Audius (AUDIO) also recorded a price spike approaching ATH 8 months ago to a daily high, $ 4.15.
For information, Upbit is the first crypto exchange to get approval from Korea’s financial supervisor, Financial Intelligence Unit (FIU) in September 2021.
The firm is said to dominate the crypto market in the country with a market share of over 80%.
The news of the crypto listing on Upbit indirectly reflects the ‘Coinbase effect’ as it invites a sharp price spike, just as these two assets are listed on Coinbase.
At the time of writing, Algorand recorded a price increase of almost 5% in 24 hours, trading at $ 1.78. While Audius traded at $ 2.08, it was down more than 9%.
