ALGO Rises 0.3% as Upbit Resumes Deposit Services for 33 Cryptocurrencies

On DEC 5, 2025, ALGO rose by 0.3% within 24 hours to reach $0.1332, marking a 2.07% increase over the past week despite a 2.56% drop in the last month and a 60.21% decline over the past year. The movement comes as key infrastructure developments in the ALGO ecosystem gain attention.

Upbit Resumes Partial ALGO Deposit and Withdrawal Services

Decentralized exchange Upbit announced on December 5, 2025, that it is gradually restoring crypto deposit and withdrawal services, starting at 5:00 PM ET. As part of a broader security audit of its wallet system, all previous deposit addresses have been retired. Users must now generate new addresses for ALGO and 32 other cryptocurrencies across 21 different networks, including ELF, FIL, and FLOW.

The exchange emphasized that using outdated deposit addresses could result in delayed or failed transactions and urged users to delete old address information immediately. Withdrawal services remain limited to selected assets, reflecting the phased nature of the restoration process.

The resumption of ALGO-related services may help stabilize user confidence and facilitate increased liquidity in the asset, though the full impact on price remains to be seen.

Market Context and Analyst Focus

Despite the recent 24-hour gain, ALGO’s price remains significantly below its one-year peak. While no official analyst forecasts for ALGO were provided in the news, the restoration of key exchange functionality is often considered a positive technical development for a cryptocurrency’s short-term performance.

The news highlights the importance of exchange accessibility and security in shaping market sentiment. As one of the more frequently traded proof-of-stake assets, ALGO benefits from improved usability and infrastructure support, particularly when major exchanges like Upbit align with its protocols.

No Other ALGO-Related Developments

The remainder of the provided news content includes updates on unrelated sectors, including a shareholder statement from Allied Gaming & Entertainment, legal developments concerning Ox Barrier B.V., IndiGo’s operational updates, a Chinese AI chipmaker’s trading debut, Cango’s Bitcoin mining figures, insider trading at Gogo Inc., a securities law firm investigation into Hormel Foods, and a shareholder rights inquiry into Alvotech. These were excluded from this summary, as they do not directly pertain to ALGO or its market environment.

The resumption of deposit services for ALGO by Upbit is a tangible step in enhancing the usability of the asset, potentially supporting increased adoption and trading volume. The next critical factor will be how the broader market reacts to this development and whether it translates into broader investor confidence.