As of lately, Cardano (ADA) fared similarly to Bitcoin, tracking its movements throughout the month of July. It rose from 0,115 USD where it was during June 29th all the way up to 0,166 USD before starting to slowly bleed around July 4th. The price kept going on this trend until Friday, when it decided to pop from its then-low of 0,129 USD to where it stands today. Currently, ADA is worth $0.143717 USD, which is a 3.35% improvement in the last 24 hours. With a market cap of 3,726,160,797 USD, Cardano holds on to the 8th spot of the coinmarketcap’s list of most valuable cryptocurrencies.
Cardano was another beneficiary of the Coinbase’s latest announcement which confirmed that the exchange is looking into adding new coins to its portfolio. The rise this announcement caused made ADA temporarily break out of the downwards trend that it was in, threatening to challenge it’s then support at 0,12 USD. If this support was to be broken, TA specialists saw the coin dropping into 7-8 cent valuations. For now, this has been avoided and the price breaking above 0,16 USD should be a sign of a short-term bullish trend developing.
ADA’s Coinbase chances are okay, but still lower than those of a couple of other coins that were mentioned in the Coinbase announcement. The biggest problem with it is its lack of an actually functional platform. It is however lauded as one of the more technically solid smart contract-focused projects on the market so it’s understandable why Coinbase decided to take it into consideration.
Other thing to note is that Coinbase is currently in the process of adding Ethereum Classic to their portfolio. The company that is directly cooperating with them throughout this process in none other than IOHK, which also manages Cardano. Clearly the investors feel there will be more than a simple consideration here, as ADA gained 60 million USD in volume since the announcement dropped. Still, it is likely that a coin like 0x will be added first to Coinbase, and Reddit user random_feedback thinks we will need around 3 years for ADA to get there:
“I agree in general. 3 years from now everything will be different. During this time all platforms will be exposed for their successes and failures and there will be many failures. 2020 will be the year of the forks when it’s realized side-chains are hard and protocols are broken. By then however, smart contract protocol ground-work will be laid and we will only then start to see some significant real world (commercial) applications being built.”
Coinbase hasn’t yet specified the exact details of the selection process but those are bound to become clear in the future. Looking through the data that’s available, ADA isn’t the leading favorite but more of a shadow pretender for the coveted Coinbase addition. The announcement suggests that more than one coin will be added so there are reasons to be optimistic about the future price of your ADA bags.
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