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Cardano (ADA) Price Rally Still Being Driven By Coinbase?

Cardano ADA Coin Price Prediction 2019

Cardano, the cryptocurrency developed by Inside Outside Hong Kong (IOHK) and CEO Charles Hoskinson, has developed a significant amount of interest in the crypto space since breaking onto the market in November 2017.

Not only in Hoskinson at the helm of a dedicated, talented team of cryptocurrency and blockchain developers, but he represents a long-standing figure in the industry, having co-founded Ethereum and a played a role in the early years of its meteoric rise. Now, through the Cardano protocol and ADA cryptocurrency, Hoskinson and his group at IOHK are seeking to improve upon the industry standards of network-based cryptos. As opposed to the trend of Proof of Work coins, modeled in the vein of Bitcoin, Litecoin and other industry mainstays, Cardano broke the industry mold to pursue Proof of Stake (PoS).

Even Ethereum, second ranked cryptocurrency by market capitalization and industry leader in smart contracts and decentralized applications, has recognized the advantages of Proof of Stake and will be transitioning to the model in the coming year. Proof of Stake provides an improvement in the efficiency and energy cost of network maintenance, shunning the overworked, raw hash-rate generating power of Bitcoin and other PoW currencies.

Cardano also provides a significant advantage over the market in the form of staking, one of the most interesting innovations to come out of Proof of Stake. While Proof of Work relies upon the computational power of numerous machines to verify and insure the security of network transactions, Proof of Stake relies upon the “staked” resources of investors and network users. ADA holders can pledge a certain amount of coins to staking through the Cardano wallet, which has the effect of increasing and improving the overall network services. Therefore, the utility of the network increases with the number of users willing to participate–a feature that could prove to be a substantial windfall in terms of efficiency if cryptocurrency adoption takes off.

In return for staking coins, investors are rewarded with a dividend/interest paid in proportion to the resources they offer up. Last week, Coinbase Custody announced support for Tezos staking to institutional clients willing to store their XTZ through the exchange as opposed to individual wallets. The move represents a shift for crypto exchanges to both offering coin security to large capital investors, while allowing them to benefit from rewards like staking interesting.

In addition, Coinbase has been tied to ADA since announcing the coin as one of five cryptocurrencies under evaluation for addition. Since that initial press release in mid-2018, the four other coins included have been added to the exchange.

Following the most recent addition of XLM to Coinbase, only Cardano remains to be listed on the exchange, leading many investors to assume that a Coinbase/ADA pairing is forthcoming. While cryptocurrency just saw a massive rally that took Bitcoin above $5000 and generated double digit gains for most top cryptos, ADA outpaced the market, gaining 42 percent at the height of it run.

ADA, as of writing, has started a retraction in price consistent with the broader market. But the most recent, massive gains for Cardano relative to other coins was likely driven by investors anticipating that Coinbase still has its target set on ADA.

The post Cardano (ADA) Price Rally Still Being Driven By Coinbase? appeared first on Ethereum World News.

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All Eyes on Cardano ADA After Coinbase Stellar XLM Addition

Following yesterday’s sudden addition of Stellar XLM to U.S.-based cryptocurrency exchange Coinbase, investor interest has quickly shifted to Cardano ADA.

While the entire industry is experiencing a bump in price, with Bitcoin making another run at $4000 for the third time in 2019, eleventh-largest coin by market capitalization Cardano has managed to outpace the rest of the market.

Some of the ADA price action is being driven by a buoying of the rest of the market, with most coins experiencing a double-digit appreciation since the start of the year–a welcome change from 2018’s endless downward spiral. However, many investors are also piling into Cardano from FOMO and anticipation of another Coinbase listing, with ADA being the last of a long-awaited group to be added to the exchange.

In July 2018, Coinbase announced exploration into five new cryptocurrencies for listing, addressing one of its most common customer complaints that the exchange’s offering was too limited. Of the five coins that were originally outlined in that update, Cardano is the only coin to not yet be listed.

Despite, at the time, Stellar XLM and Cardano ADA being the most popular and heavily favored choices for Coinbase to offer investors, it’s surprising that they were the last two coins to be considered–with ADA still waiting for integration. However, both coins offer significant advantages to both Coinbase users and the industry of crypto. Stellar has been at the forefront of non-profit cryptocurrency engagement, and is targeting unbanked populations in developing countries.

Cardano, similar to Ethereum, is looking to build a network of blockchain use that extends beyond monetary transfers. With the guidance of IOHK CEO and former ETH co-founder Charles Hoskinson, ADA has managed to build a fair amount of interest in the 1.5 years it has been available on the open market.

However, the current rush of ADA investors would be wise to consider the position of Coinbase. While it does appear that the exchange is set on increasing its cryptocurrency selection at an accelerated pace relative to past engagement, there is no guarantee that Cardano will be coming to Coinbase any time soon. Investors are basing their decision on the fact that XLM followed XRP’s listing by a few weeks, as opposed to the months that have traditionally passed between Coinbase listings.

Despite Coinbase announcing in December their intention to add hundreds of new currencies–with XRP being listed as one of the possible coins–some community members believe that Ripple paid for the coin to be added to the exchange. For one, the timing was convenient for both Ripple and XRP, giving a positive boost to the currency in the wake of J.P. Morgan’s JPM Coin announcement. And, as other analysts have pointed out, XRP violates Coinbase’s guidelines for listing new currencies by way of Ripple’s majority stake in the coin.

That being said, investors are attempting to make the most out of the Coinbase FOMO and new coin excitement, given the waning we have seen over the last year in the exchange’s influence on cryptocurrency prices.

Title image courtesy of beatingbetting.co.uk

The post All Eyes on Cardano ADA After Coinbase Stellar XLM Addition appeared first on Ethereum World News.

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Don’t Overlook Cardano (ADA) on Coinbase

Cardano (ADA)–When the news of Coinbase “exploring” five new cryptocurrencies broke two weeks ago, it was clear that two coins were in the front-running for addition to the exchange: Stellar Lumens XLM and Cardano’s ADA.

In that time, Stellar nearly doubled in price, jumping 77% in value from 0.18 USD to a relative high of 0.31 USD. While the price of XLM has since fallen to 0.28 USD, Cardano has yet to see the same extent of price movement. It gives the appearance that the market is acting on the assumption that Stellar is the most likely candidate for being the first new currency listed on Coinbase.

However, Cardano has a strong case as well. While there is a chance the exchange is looking to add multiple currencies, perhaps in an effort to stave off the inevitable price run that will accompany the initial listing, it seems unlikely given how disastrous the Bitcoin Cash addition was handled. Not only did BCH create erratic pricing on GDAX (since relabeled Coinbase Pro), that saw investors burned when the price leapt from 2800 USD to 3900 USD, and back again in the span of an hour, Coinbase will bide its time rather than attempting the ambitious project of simultaneous listing.

Which leaves us with the question: will Stellar or Cardano be listed first on Coinbase?

There is a significant amount of overlap in some of the more appealing features of both XLM and ADA to be in the front-running for listing on Coinbase. For one, both currencies offer high supply, low price-per-coin cryptos that will stand in stark contrast to the rest of Coinbase’s current selection. The reason XRP grabbed so much price traction at the beginning of the year, when the coin was being tied to the U.S.-based exchange as a possible addition, is because of the attractive investment opportunity it offered for Coinbase’s 13 million customers.

Both ADA and XLM occupy a top ten position by market capitalization–and have for most of the year–lending a high profile addition that Coinbase customers are sure to recognize. In addition, they are high supply coins, with 26 billion and 19 billion circulating supply for Cardano and Stellar, respectively. In that regard, both currencies offer a significant advantage to Coinbase customers, in that they have psychologically attractive price points compared to the current offering. While investors may be enthusiastic to put money into projects like Cardano and Stellar, which have gained substantial traction in the industry through partnerships, it gives the average Coinbase investor access to a cheap coin for the first time in recent memory. Particularly to the more casual investors, or those who have less interest in price speculation and would like to play around with owning a bag of coins, ADA and XLM hitting Coinbase will provide a level of novelty that the exchange has lacked over the previous year.

Cardano also comes with the presence of long-time industry figure Charles Hoskinson. Given the relationship with Litecoin creator Charlie Lee, who worked for Coinbase, and the conglomeration of industry-figures (focused via Vitalik Buterin) backing Ethereum, Coinbase has shown a predilection for listing coins that have the support of major industry leaders. While Stellar was founded by Jed McCaleb, who created both Mt. Gox and Ripple, Hoskinson has had his hand in a number of projects as well. He was a co-founder of Ethereum in 2014 before leaving the team to found IOHK. His vision spawned from the Ethereum departure led to the creation of Cardano and the ADA currency. He has grabbed the attention of research groups and academics interested in the technology of cryptocurrency, as evidenced by the team’s recent trip to Google’s London office.

In addition to the attractive price features of the coin, Cardano would pair nicely with Ethereum as a cryptocurrency that offers more than just transaction potential. Coinbase has outlined its criteria for pursuing new projects, which falls heavy on promoting decentralization and best practices in the cryptospace. Cardano offers innovation, as well as having the team and focus to be a good ambassador for the positive aspects of cryptocurrency. While it seems likely that the exchange is eyeing both XLM and ADA for addition to its service, it would be a mistake to overlook the potential of Cardano and what it could offer through a high-profile listing on Coinbase.

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