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Cardano (ADA) on the Rise on Coinbase Speculation

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Cardano coin

Cardano (ADA) has seen a strong rise in value since the beginning of November.  Many forecast that it will be next to list on Coinbase. Additionally, Cardano will be the primary coin on an upcoming exchange, IronX.

Cardano’s (ADA) value climbed with approximately 10% since the beginning of the month. It began at $0.07 on Thursday, and peaked at $0.078 on Monday. Its trade volume nearly quadrupled over the same few days, from $11 million to around $40 million, peaking at nearly $57 million.

Cardano quickly gained traction and value after launching in September 2017

The coin saw a 2,000% spike in the first 4 months.  But then it sank along with the other major coins in early 2018.  Despite the team’s continued development, the future of Cardano (ADA) remained uncertain.

However, the recent announcements rekindled positive speculation among investors.

In July, Coinbase announced that they are considering five new coins as part of their initiative to rapidly expand

Coinbase first added 0x (ZRX) in mid-October, followed by Basic Attention Token (BAT) several weeks later. Many predicted correctly that these two tokens would be the first. As ERC-20 tokens, they’re easier to incorporate with the already-supported Ethereum Classic (ETC) in place. The remaining three coins are Cardano (ADA), Stellar (XLM), and ZCash (ZEC).

Coinbase announced BAT support on Friday.  Only a day prior, IronX launched the ICO for their upcoming exchange.  IronX partners with EmurgoHK, which includes some of the developers behind the Cardano protocol.  Therefore, the coin will be the base currency for the exchange.

The sale ends December 15, around the scheduled launch time for the exchange. In fact, he ICO already raised over $22 million out of the $50 million hard cap. IronX is focuses on foreign exchange, and they say they’re fully regulated by the Estonian government.

This positive news closely follows a split in the team behind Cardano (ADA)

Unfortunately, several weeks ago the Cardano Foundation, Emurgo and HK parted ways citing irreconcilable differences.  Emurgo and HK then joined forces to form the new EmurgoHK, with IronX as their project.  The exchange could be the first major test for this new alliance.

Whether the rising value can be sustained is difficult to say at this point.  However, it should be noted that while Stellar (XLM) and ZCash (ZEC) have also seen value rises since BAT support on Coinbase, they haven’t spiked as much as Cardano (ADA).  Both IronX’s launch and a likely addition of the next coin to Coinbase are on the near horizon.

 

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