Cardano (ADA) was one of the coins to benefit most from Sunday’s altcoin flurry, fuelled largely by speculation on two possible upcoming developments.
Three-Way Coinbase Shootout
The first is the idea that Cardano might be the next coin listed on Coinbase. After the recent listing of Basic Attention Token (BAT), only three coins are left among the batch of coins which Coinbase announced they were ‘exploring’.
Cardano now has at least a one in three chance of being next on Coinbase. Of the other two possibilities, Stellar (XLM) and Zcash (ZEC), there is no real knowing which, if any, has the advantage.
Up until now the methodology has been tied to ERC-20 standard. With the listing of Ethereum Classic (ETC) earlier in the year, Coinbase announced that they were more technically able to handle to ERC-20 tokens, given their prior experience with Ethereum.
Following ETC were the listings of Ox (ZRX) and Basic Attention Token (BAT), which rounded up the ERC-20 options. Now we’re down to mere speculation – much of which has been mounting on social and online media, like this tweet from a random twitter user:
“Looks like we can confirm $ADA #cardano going to be next on #coinbase. Insider??”
Both Stellar and Zcash saw positive percentage gains while Cardano was climbing on Sunday, although neither matched the gains made by ADA.
Cardano Based Exchange?
Another positive development which may have seen speculators take a chance on Cardano is the freshly circulating news that ADA might be the gateway currency on its own exchange.
News of the IronX Exchange first appeared in June, where it detailed the notion of building an entire exchange ecosystem, linking. According to the initial announcement:
“IronX is a cryptocurrency exchange that will help bridge the worlds of FX and cryptocurrency trading, by facilitating traders of both types to move their positions between the various asset classes. This will allow crypto investors to diversify into the traditional investment world, as well as providing an easy and safe way for non-crypto investors to explore the world of tokens.”
The exchange is being built in cooperation with EmurgoHK – one of the development teams behind the Cardano protocol. The assumption at the time was that ADA would be employed as the gateway currency on the exchange.
All of this suddenly entered the news again this week when the IronX ICO got underway. After launching on November 1st, the soft cap of $18 million has already been breached, and over $22 million has been raised.
From the daily low of $0.71291, ADA climbed to $0.77307, with the peak arriving at around 17:00 UTC. The subsequent slowing of momentum dropped the price back down to the $0.76 range, however that still marks healthy returns over twenty-four hours.
ADA volumes more than tripled, from $14 million to $50 million, however, much of it came from transaction mining on the ZBG exchange – an exchange which ONLY handles transaction mining trades.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.