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Cardano (ADA), Stellar (XLM) See Green as Investors Respond to Coinbase

Cardano (ADA), Cryptocurrency, Stellar (XLM)–Yesterday, as reported by EWN, popular U.S. based cryptocurrency exchange Coinbase announced ongoing examination of  31 new currencies, including the previously announced Cardano and Stellar. Since first teasing the world with an update last July that Coinbase would be exploring five new currencies, investors have been waiting for the addition of ADA and XLM, the eleventh and fourth positioned currency, respectively, by market capitalization.

However, instead of going with the more obvious choice of crypto listing, Coinbase has instead chosen an alternative route for delivering new coins to its 13 million and growing customer base. Following the announcement in July, the company has followed through with the listing of 0x, Basic Attention Token and ZCash, leaving the two more popular coins longer to wait as investors anticipate the usual price bump that accompanies listings. In addition, both ADA and XLM would provide an attractive addition for the exchange, with both constituting low price per coin, high supply currencies that are a deviation from what the exchange offers. Both coins also have strong ties to the growth of cryptocurrency, with XLM being in a featured relationship with IBM (including rumors possibly connecting the token to Facebook), and ADA having a host of ties to other projects through its founder and IOHK CEO Charles Hoskinson who also co-founded Ethereum. Coinbase has had a history of choosing tokens they believe promote the industry of cryptocurrency and the support of decentralization, a policy the company has pointed to when updating users about their coin addition process.

However, as we enter the final month of the year and one of the worst bearish turns for the market in an already abysmal year for token prices, investors are having to contend with the possibility that an ADA and XLM listing on Coinbase may not occur until next year. As EWN reported last week, given the mediocre price movement for ZCash ZEC following its most recent addition to the exchange, the “Coinbase Effect” on providing substantial boosts coin prices may be a thing of a past. The bulls have still managed a slight rally for ADA and XLM on the day, with both currencies posting 2-3 percent gains in an otherwise sea of red.

Interestingly, the update on 31 new currencies being explored by Coinbase also included the option of listing XRP, a coin that has had to contend with its own frustration throughout the year in relation to being added to the exchange. In the early weeks of January, while the cryptocurrency bull run was hitting its crescendo, XRP was at an all time high of $3.80 with investors pumping the price in anticipation of an addition to the exchange. Instead, Coinbase pulled the rug out from the second largest coin by market capitalization, causing its price to tumble throughout the year to a relative low of $0.25.

GIven the dire situation of the crypto markets at present, with a recovery to December 2017 prices potentially still years away, Coinbase could be looking to XRP as a way to catalyze further growth to its exchange in providing users with higher market cap coins.

The post Cardano (ADA), Stellar (XLM) See Green as Investors Respond to Coinbase 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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CNBC “Crypto Trader” Labels Cardano (ADA) As Undervalued

CARDANO (ADA)–Despite the plunging price of Bitcoin to levels not seen since last October, CNBC’s Crypto Trader remains bullish on the possibility of several altcoins, listing Cardano’s ADA currency as “undervalued.”

Cryptocurrency trader Ran Neu-Ner, who hosts CNBC Africa’s Crypto Trader program, told audiences on Fast Money, “There’s more blood to come,” in regards to the falling price of Bitcoin and the general decline of the cryptocurrency markets. Bitcoin broke the 6k USD mark yesterday evening, extending all the way into the 5800 USD range, reaching a relative low in value for the first time since October 2017. While the plunging price of BTC–and by extension, the entire altcoin market–follows on the heels of news surrounding the failure of lightning network in its present state (a protocol to reduce BTC fees and transaction times), the entire market is also responding to a general sentiment that the price will continue to drop. Cryptocurrency hedge funds, of which hundreds opened throughout last year, are reaching the critical point where investors can ask to take profit from their investment (forced sales), leading to a potential selloff in the market worth billions to the capitalization.

Given the negative attitude towards BTC’s price rallying in the near term, Neu-Ner has taken a bearish stance on the currency, predicting the price fall could extend into the 5300 USD range before the market starts to see a reversal, “Right now my money is on the market continuing to go down.”

Neu-Ner, founder of OnChain Capita, has been negative towards the price of BTC in the past, saying earlier in the month that he could see BTC testing 5000 USD in the near-term. He does argue that BTC pricing could form a floor when the cost of production (miner fees paid in electricity and equipment to process transactions and mine new coins) outweighs the benefit of selling at such a depressed price. Miners, in that situation, will be more compelled to hold their coins until price levels become more palatable–thereby drying up a portion of the current selling population.

Neu-Ner did give support for the future of cryptocurrency, saying that investors bullish on the technology should view this as a buyer’s market,

“If you understand the technology and you’re a bull, then now is a great time to be buying…The blockchain is progressing and this thing isn’t going away.”

In particular, the crypto trader highlighted Cardano’s ADA as a cryptocurrency for investors to consider, in addition to listing the altcoin as undervalued. When determining his next prediction for a successful currency, he stated looking at blockchain technology and infrastructure, which led him to Cardano and Neo.

Speaking specifically about his interest in Cardano, Neu-Ner had this to say,

“It’s a blockchain protocol. Which I think is highly undervalued.”

While the price of Cardano continues to fall coinciding with the slipping crypto market (ADA down to 0.11 USD as of writing), the eighth cryptocurrency by market cap saw positive news in the form of founder Charles Hoskinson meeting with Google to discuss the future of blockchain and crypto application.

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