Big news for Cardano fans – ADA just got listed on Coinbase. This means more people and big companies can now buy it. Could this make ADA price shoot up, or are there risks we should know about?
Kris Does Crypto, who has over 11,000 YouTube subscribers, thinks several things point to ADA growing a lot soon. According to Kris, this Coinbase listing is a game-changer for Cardano’s future.
The total crypto market capitalization is around $2.7 trillion, with the market up 0.47%. At the time the video was made, Bitcoin was trading at $84,198 (up 0.90% in 24 hours), while Cardano ranked 9th with a price of $0.6653, down 1.41% in the last day.
What you'll learn 👉
Grayscale ETF Filing Could Boost ADA Price
Grayscale just filed papers with the SEC to turn their Digital Large Cap Fund into an ETF. This fund includes Bitcoin, Ethereum, XRP, Solana, and Cardano’s ADA.
This is a big deal for Cardano. Kris emphasizes that if approved, this ETF would let regular investors who don’t buy crypto directly get exposure to ADA. More money flowing into Cardano could really push up its price in the coming months, as Kris Does Crypto points out in his analysis.
Coinbase Derivatives Listing Expands ADA Trading Options
Even more important is that ADA was just added to Coinbase Derivatives. This major US exchange now offers regulated futures contracts for Cardano. This means people can buy ADA directly, bet on its price going up (long), or bet on its price going down (short).
Why does this matter? More ways to trade Cardano means more people will trade it. More trading usually means higher prices, especially for solid projects like Cardano that have real development happening.
Bitcoin DeFi on Cardano: A Game-Changing Development
Charles Hoskinson, who created Cardano, wants to build Bitcoin DeFi on Cardano using a Bitcoin OS Bridge. This smart move could help Cardano benefit from all the institutional interest in Bitcoin.
Hoskinson believes Bitcoin ETFs will create demand for DeFi yields, and big institutions will start using UTXO-based DeFi. He thinks this will grow massively over the next three years, with Cardano bringing real usefulness to Bitcoin.
To help make this happen, developers are creating Inkan, a new programming language that works on both Bitcoin and Cardano. This technology will allow smart contracts to work across both blockchains, opening up new DeFi possibilities.
Hoskinson doesn’t mince words about other cryptocurrencies. He calls Solana a “memecoin ecosystem built to dump.” He claims 99% of Solana meme coins will fail, pointing out that Solana memecoins have already dropped 85% from their highest point.
ADA Price Prediction
Kris Does Crypto says ADA current price pattern around $0.66 looks like what happened between August and September 2024. If the same thing happens again, Kris thinks Cardano could reach $2.50 by May 2025.
Read Also: We Asked AI to Predict Cardano (ADA) Price in April
Supporting this positive outlook, Kris notes that whale investors bought 240 million ADA tokens just last week. In his technical analysis, Kris Does Crypto points out that indicators suggest ADA is oversold and has strong support at $0.65.
With all these developments, Kris is watching Cardano closely, expecting big price movements in the months ahead. As Kris Does Crypto concludes in his analysis, the next few months could be crucial for ADA token holders.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
