The bear market of the first quarter of 2018 is solidly over. No longer in crisis mode, many cryptocurrency projects resumed high profile developments. To this end, major Chinese exchange Huobi recently announced that they would be including Cardano’s ADA cryptocurrency on their site. One of the top coins by market cap, Cardano is still in a somewhat precarious position – their final product supposedly serves as an upgrade compared to many of the existing blockchains. However, as it currently stands, that product is still some distance away.
The market reaction to this announcement was universally positive, as one could expect. Cardano’s ADA nearly doubled in value over the course of the month so far. The listing, combined with the overall positive outlook on the market as a whole, resulted in Cardano being one of the better recent performers. As Cardano continues to move towards a full product release, this trend is likely to continue.
The Huobi Exchange
Huobi is the largest exchange in the Chinese cryptocurrency sphere, placing second globally. With over $1 billion in USD valuation, Huobi is a major player, and their inclusion of Cardano bodes very well for the academically minded cryptocurrency. While it remains to be seen whether the Chinese market has a persistent appetite for the decidedly ‘Western’ coin, any new market is positive news. Initial trading statistics suggest that Cardano should have no problem establishing itself on Huobi.
China’s blockchain environment is as notoriously closed in as their traditional business space. Home-grown blockchain projects like NEO and ONT see little opposition. On the other hand, decentralized exchanges that cannot be controlled by the government face suspicion and hostility. China’s mercurial mindset often swings the global market, for better or worse. The inclusion of Cardano within Huobi means that ADA has slightly more protection than they once did. This is still dependent on the Chinese government avoiding a full ban on crypto-trading, something that they have leaned towards regrettably often in the past.
A Brief History of Cardano
Unlike other blockchain projects, Cardano development focuses on the same rigorous, peer-reviewed process that ensures quality in academic fields. Their board’s design is similar to that of a research institute’s board, with consistent transparency fueling community engagement. Similar to several other projects, Cardano’s intention is not as a cryptocurrency in and of itself. Rather, ADA serves only as a means to fund the development of Cardano’s blockchain protocol. Their software will allow for native decentralized applications combined with token standards. Should Cardano succeed, they would be in direct competition with the more established Ethereum blockchain.
Cardano does have advantages in their roadmap. For instance, their layer separations allow for greater functionality than Ethereum’s single layer. Smart contracts will become available with the release of the Control Layer. The layer works in conjunction with the Settlement Layer – but without bogging down the transaction speed. The blockchain’s strict control system allows these modules to be added via a forking procedure, without the danger of the community splitting. We’ve seen just that problem with Bitcoin and Bitcoin Cash, as well as Ethereum and Ethereum Classic. The ease of Cardano’s forking system also allows them to plan modules, and fix scalability issues as they appear.
Binance Announces Cardano Trading Pairs
Alongside the addition to Huobi, Binance announced that they would be adding additional trading pairs for Cardano on their own exchange. Already offering Bitcoin and Ethereum pairs, Cardano is now available for trade with both Tether and Binance Coin. This is huge for Cardano, not only due to their increased liquidity but also due to the perceived importance that comes alongside these trading pairs. It is indicative of high volume and a solid belief by Binance in the future of the project.
Cardano’s Academic Future
Once Cardano’s control layer goes live, the blockchain will be able to directly compete with industry giant Ethereum. Considering the issues that Ethereum faces in terms of slow transaction speed and increasingly high fees, the environment is ripe for a usurper. Whether or not this will be Cardano remains to be seen, but given the recent news, it seems possible. It may even be likely.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Michael Levine-Clark via Flickr
What Changes May the Crypto Space Experience in 2019
After the crypto hype of 2017, a lot of newly-arrived crypto enthusiasts were caught off-guard by the price crash and bear market that took over in 2018. One month after another, investors were waiting for things to change, and for another bull run to take place. Unfortunately, this did not happen in 2018, and while the year’s final days were seemingly stable, the rally everyone wanted to see has failed to arrive.
However, crypto investors remain optimistic, with many of them hoping to see some changes arrive in 2019. There are rather great expectations of this year, especially since the last one failed to deliver. However, many are interested in what exactly is to be expected in this year, which is what we will talk about today.
Bitcoin ETF approval
The US SEC’s decision regarding Bitcoin ETFs was one of the most anticipated events throughout 2018. Sadly, the decision constantly got delayed, and the SEC never actually provided an answer. The last delay has pushed the decision into 2019, and it is now expected to arrive on February 27.
Historically, the SEC was never ready to approve Bitcoin ETF, and many believe that the delays came due to the fact that the market was not ready for then in 2018. This is backed by the fact that the SEC rejected multiple application throughout the year. VanEck and SolidX…
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
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