A surprise Coinbase listing has seen the price of Algorand (ALGO) spike by nearly 30% in less than 24 hours and pushed Algorand’s market cap to a new record high ($274 million at the time of writing).

On July 16, Coinbase abruptly announced that ALGO trading had been launched on Coinbase.com and the exchange’s apps. Trade volume for Algorand increased by nearly four times since in response to the listing, comprising the third-strongest day of trade in ALGO’s history. 

ALGO prices triple in three months

ALGO is currently trading above $0.35 for the second time in its history and has more than tripled in price since the lows posted after the ‘Black Thursday’ crypto market crash in March. Algorand’s record market capitalization can be attributed in-part to increases in the  circulating supply, with Nomics estimating that only 8% of ALGO are in circulation.

Algorand price and market cap performance

Algorand price and market cap performance: CoinMarketCap

The listing has caught the crypto community by surprise, with Algorand not featuring among the 18 crypto assets that Coinbase announced were under consideration for listing last month. Algorand’s absence from the list may be due to the fact it listed on the Coinbase Pro platform last August.

Post caught up in Twitter hack

Despite publishing a blog post announcing the listing, Coinbase is yet to publicize its support for ALGO on Twitter. The Twitter silence can likely be attributed to the recent hack that saw social accounts of the exchange and its executives compromised in a Twitter-wide crypto giveaway scam

Coinbase Pro also launched EUR and GBP pairings for ALGO alongside Chainlink (LINK), Ripple (XRP), and Tezos (XTZ) on July 16, adding further steam to the rally.