Algorand token sale implies $6 billion market cap, ranking above Binance Coin and below EOS

Algorand, a Boston-based blockchain company, raised over $60 million in a token sale held on CoinList.

When combined with the Algorand Foundation's token distribution fund of 2.5 billion Algos it would have a market cap of $6 billion, putting it at seventh above Binance Coin and below EOS.Algorand's token sale implies a $6 billion value.

When combined with the 2.5 billion Algos that the Algorand Foundation is holding in order to participate in securing the Algorand network, the coin currently has a market capitalization of $6 billion.

Apart from the incredible amount of tokens sold, Algorand made news as it was among the first companies to offer a refund policy on its tokens.

Token auction plan could increase Algorand's market cap to $24 billion.

Instead of holding one large token sale, Algorand opted to have sales on a rolling basis.

The Algorand Foundation website states that the company plans on auctioning off 600 million Algos coins every year for five years until the total supply reaches 10 billion coins.

If the coin was to keep roughly the same price as it had in the latest sale, Algorand would have a market cap of $24 billion.

While it's hard to predict how much the market cap of other top cryptocurrencies will grow, at the current state of the market, Algorand would be the third largest coin, just after Ethereum.

The Algorand foundation also said that it won't use its Algos reserves to transact.