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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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Cardano (ADA) Search Volume Spikes Following Coinbase Announcement

Cardano (ADA)–The eighth largest cryptocurrency by market capitalization continues to gain momentum following the landmark announcement by U.S.-based cryptocurrency exchange Coinbase.

On Friday, Coinbase made waves across the industry by announcing it’s exploration into five new cryptocurrencies: Basic Attention Token (BAT), Zcash (ZEC), Stellar (XLM), 0x (ZRX), and Cardano (ADA). While some cryptocurrency communities felt snubbed by the lack of mention, the five coins selected rejoiced over the potential exposure to 13 million customers and subsequent price appreciation that Coinbase listing would entail. 

On cue, all five cryptocurrencies experienced significant pumps in pricing following the announcement, as investors scrambled to buy the coins at a lower value than what they hoped would be offered from the outset on Coinbase. In addition to the price appreciation, Cardano experienced a wave of invigorating interest. Judging by the data published on Google Trends, Cardano is nearing a peak in search volume over the last 90 days, with interest more than doubling before and after the news tying ADA to Coinbase.

Prior to Friday, Google search volume for Cardano was exhibiting a typical fluctuation over time, with the currency’s interest trending below it’s historical average. However, following the announcement by Coinbase that they were exploring ADA, Cardano search volume displayed a sharp increase, doubling its trending output in less than 24 hours.

Google Trends has been used as indicator in the past for both price interest as well as judging the popularity of the coin. While Google’s published data tends to lag several days behind actual search numbers (at least on the more reliable 90+ day charts), it does give an indication that Cardano is achieving renewed interest among investors and cryptocurrency enthusiasts. An increase in search volume has almost universally correlated to an in increase in price for a coin, with Cardano pushing a 22% appreciation in value since the Coinbase release. Search volume tends to have a snowballing effect. As more investors see the price of a currency rise, they start searching for general information on the investment or a reasoning for the price pump. This leads to greater interest in the coin, in addition to more investment dollars. While Google Trends and price appreciation suffers from a “chicken or the egg” debate (do coin prices rise because of interest, or vice-versa?), Cardano’s steep increase in search volume is good for both short term price appreciation and long term adoption.

Cardano, through the efforts of the IOHK team and CEO Charles Hoskinsons, has developed a strong media and community presence, hosting a regular dialogue with both investors and enthusiasts to keep  them up-to-date on coin news. Of the five cryptocurrencies under exploration by Coinbase, Cardano has quietly put together an impressive list of fresh news and development, ranging from the applications of Ouroboros in solving the issue of Proof of Stake, to a recent trip to the Google offices in London, sparking speculation over a possible partnership.

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