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Cardano (ADA) was one of the most benefited parts of Sunday's burst of altcoins, fueled largely by speculation on two possible future developments.
Three-way shootout
The first is the idea that Cardano could be the next coin on Coinbase. After the recent registration of the basic attention token (BAT), there are only three pieces left in the Coin Pack that Coinbase has announced is 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 knowledge of the benefit, if any.
Until now, the methodology was linked to the ERC-20 standard. With the listing of Ethereum Classic (ETC) earlier in the year, Coinbase announced that it was more technically capable of processing ERC-20 chips, given their previous experience with Ethereum.
After ETC were the lists of Ox (ZRX) and Basic Attention Token (BAT), which rounded out the options of the ERC-20. We are now just speculating – a lot of which is on social media and online, like this random tweet twitter user:
"Looks like we can confirm that $ ADA #cardano will be next on #coinbase. Insider ??
Stellar and Zcash posted positive percentage gains, while Cardano advanced Sunday, but none of them matched ADA's gains.
Exchange based on Cardano?
Another positive development that may have allowed speculators to take risks on Cardano is the fresh news that ADA could be the entry currency into its own market.
The news of the IronX exchange first appeared in June, where it detailed the notion of creating a complete exchange ecosystem, creating links. According to the initial announcement:
"IronX is a cryptocurrency exchange that will help bring the worlds closer to currency and cryptocurrency trading, allowing traders of both types to move their positions between different asset classes." This will allow crypto investors to diversify into the traditional world of investments, while offering unencrypted investors a simple and safe way to explore the world of chips. "
The exchange is built in cooperation with EmurgoHK – one of the development teams behind the Cardano protocol. At the time, the assumption was that the ADA would be used as the currency of entry into the stock market.
All of this suddenly made the news this week when the IronX ICO started. After the launch on November 1, the soft cap of $ 18 million has already been exceeded and more than $ 22 million has been raised.
ADA / USD responds
On a daily minimum of 0.71291 USD, the ADA rose to 0.77307 USD, the peak reaching around 17.00 UTC. The ensuing slowdown in price led to a price drop of $ 0.76, but healthy yields were recorded after 24 hours.
ADA volumes more than tripled from $ 14 million to $ 50 million. However, much of this comes from the extraction of transactions on the ZBG stock exchange – a stock exchange that ONLY handles transactions for extracting transactions.
Disclaimer: The author owns Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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