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Cardano (ADA) was one of the currencies to benefit most from Sunday's whirlwind, fueled largely by speculation about two possible upcoming developments.
Three-way token shooting
The first is the idea that Cardano could be the next coin listed on Coinbase. After the recent list of Basic Attention Tokens (BAT), only three coins remain in the coin lot that Coinbase announced they were "exploring".
Cardano now has at least one chance in three to be next on Coinbase. Among the other two possibilities, Stellar (XLM) and Zcash (ZEC), there is no real knowledge that, if it exists, has the advantage.
Until now the methodology has been linked to the ERC-20 standard. With the listing of Ethereum Classic (ETC) at the beginning of the year, Coinbase announced that it is technically able to manage ERC-20 tokens, given their previous experience with Ethereum.
Following ETC there were the Ox (ZRX) and Basic Attention Token (BAT) lists, which rounded up the ERC-20 options. Now we are down to mere speculation – much of which has been mounting on social media and online, like this tweet from a random one twitter user:
"It seems we can confirm that $ ADA #cardano will be next on #coinbase. Insider ??"
Both Stellar and Zcash saw positive percentages while Cardano was climbing Sunday, although neither of them matched the gains of ADA.
Exchange based on Cardano?
Another positive development that may have seen speculators seize an opportunity on Cardano is the news that recently circulated that ADA could be the currency of reference in its exchange.
The IronX Exchange news was published for the first time in June, where the notion of building an entire exchange ecosystem was described, linking it. According to the initial announcement:
"IronX is a cryptocurrency exchange that will help you overcome the world of FX trading and cryptocurrency, making it easier for traders of both types to move their positions across asset classes, allowing cryptic investors to diversify into the traditional world of investments, as well as providing an easy and safe way for unencrypted investors to explore the world of tokens ".
The exchange is under construction in collaboration with EmurgoHK – one of the development teams behind the Cardano protocol. The hypothesis at the time was that ADA would be used as a currency to access the exchange.
All of this suddenly entered the news again this week when Ico Ironco started. After the launch on November 1, the $ 18 million soft cap has already been exceeded and over $ 22 million has been raised.
ADA / USD responds
From the daily minimum of $ 0.71291, ADA rose to $ 0.77307, with the peak arriving around 17:00 UTC. The subsequent momentum slowdown has lowered the price to the $ 0.76 range, yet this still marks positive returns over the twenty-four hours.
The volumes of ADA have more than tripled, from $ 14 million to $ 50 million, however, much of it is derived from the extraction of transactions on the exchange ZBG, a stock exchange that handles ONLY transactions of mining transactions.
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.
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