Why Algorand Surged More Than 75% Overnight

Last last evening, top-20 cryptocurrency Algorand (CRYPTO: Algo) surged more than 75% in very short order. Its Algo token surged from around $1.67 to as high as $2.83 before cooling off. This surge took place over the span of roughly 15 minutes. As of 11:30 a.m. ET today, Algo remains up approximately 12%.

Among the catalysts driving Algo higher last evening was the announced addition of an Algorand exchange-traded product (ETP) in Switzerland. This announcement took place just prior to the parabolic spike in Algo tokens.

It was also reported during Asian trading hours that Korean cryptocurrency exchange Upbit would be listing the South Korean won/Algo trading pair. This is significant news, considering Upbit's impressive market share of around 80% in this tech-heavy Asian economy.

Source Fool.com