Now you can trade Cardano’s ADA on Coinbase Pro. The trading will begin on Thursday, March 18th.
Cardano’s ADA was once an obscure cryptocurrency. However, now it is among the top 3 cryptocurrencies according to coin market cap. It has managed to surpass Litecoin, bitcoin cash and XRP.
Coinbase Pro has decided to support the withdrawals to addresses on Cardano’s network. Coinbase is one of the biggest cryptocurrency exchange based in the US. It has over 43 million users and operates in more than 100 countries.
Cardano’s ADA is a new rival of Ethereum. At the time of this writing, the ADA price is $1.32. Its total market cap is $42.98 Billion.
The Price of ADA has surged 600% over the past three months. It was trading at $0.12 in December. However, it managed to surge by market cap and secure the position as the world’s third-biggest cryptocurrency.
What Is Cardano?
Cardano was introduced in 2015. It has been among the top ten cryptocurrencies according to market cap ever since. Cardano’s platform is similar in makeup to Ethereum’s blockchain network. It allows users to build smart contracts or Dapps. Ethereum’s price is quite high. Therefore, developers can use Cardano as a low-cost alternative.
Besides the price, Cardano and Ethereum differ in one other sense. Ethereum uses a proof of work (PoW) method at this stage. Cardano, on the other hand, uses the proof of stake (PoS) method.
PoS allows users to stake some of their cryptocurrency. Some of these stakeholders are then selected as miners for adding blocks of data on the blockchain. The holders can earn a cut from the transaction fee following confirmation on blocks on the chain by allocating some of their coins to ‘pools’.
Crypto prices are rising since the start of 2021. Altcoins are following bitcoin’s footsteps in breaking price records.