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Stellar (XLM) and Cardano (ADA) were on the move on Saturday while the broader market was once again attempting another recovery.
XLM and ADA have achieved gains of 8% and 9% respectively, and both currencies could be subject to increased speculation while the year is nearing the end of Coinbase's recent list of Zcash (ZEC) .
Three of the five coins that Coinbase had previously indicated for attention have already been added to the exchange, and now only Stellar and Cardano remain.
Without ads prior to the Zcash listing, unlike the Basic Attention Token (BAT) and Ox (ZRX), those seeking short-term gains on the Coinbase pump may be forced to cover their bets between XLM and ADA.
Stellar or Cardano?
Cardano currently suffers from the fact that the full version of the product is not yet live. The project roadmap sets a deadline Q1, 2019 for the release of the Shelley update that will introduce the delegation and stakeout pool, while the Ouroboros Stakeout algorithm – which was criticized by Vitalik Buterin in comparison to Casper of Ethereum – is still under development.
A positive side of the Cardano argument is that the coin's prize money is significantly lower than Stellar's. It is estimated that about 20% of Cardano was awarded, while Stellar's prizewinner is close to 90%. This could be a concern for Coinbase and could explain why XRP continued to be ignored by the exchange.
On the other hand, Stellar has something closer to a complete product and has already collected 37 business partnerships, including IBM and Tempo. Stellar has been around since 2014, while Cardano was founded just over a year ago.
Beyond these obvious considerations, there is little else to suggest which currency will end up on Coinbase later. Both coins are proof-of-stake, which is something we have not seen on Coinbase yet.
Cardano price – ADA / USD
The value of ADA rose by 9.6% against the dollar from Friday to Saturday, rising from $ 0.037859 to a maximum of $ 0.041507 which was reached around 12:00 UTC.
The increase was achieved with a steadily declining volume, as daily operations nearly halved from $ 38 million to $ 21 million. This is in line with the 25% decrease in commercial volumes across the board. Over 60% of ADA's trades came against USDT, with KRW and BTC absorbing much of the rest.
Stellar price – XLM / USD
From last night's low to $ 0.155392, the value of XLM rose to $ 0.168724, reaching its peak in the same period as Cardano. That surge of 8.5% also came in decline, but to a lesser extent than the ADA, with daily trading falling by 15% during the peak.
Despite Saturday's growth, XLM is still down 40% in the last three weeks. However, it is still one of the very few coins not to be sunk up to pre-December prices.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
