Cardano rises about 21% after Coinbase listing announcement

The price of Cardano (ADA) cryptocurrency rose about 21% following Coinbase’s announcement of the forthcoming listing of the digital asset. According to CoinGecko, at the time of writing the token trades at $1.28.

ADA price growth chart. Data: CoinGecko.

Coinbase began accepting incoming transfers in ADA tokens. Provided liquidity requirements are met, the exchange will open trading on March 18.

The asset will be available only on the Coinbase Pro professional trading platform. On the retail portal and in the mobile app, the tokens will not yet be traded.

The exchange will allow withdrawals only to addresses in the Shelley network with the “addr1” prefix. Full Byron support is promised in the near future.

Cardano’s roadmap is divided into five stages. The launch of the third stage, called Goguen, with support for smart contracts is expected within a few months.

“The Coinbase Effect” — Holy Grail or a trap for cryptocurrency traders

In February, Cardano’s price rose 280%. According to CoinGecko, at the time of writing the cryptocurrency ranks third by market capitalization, with a value of $40.6 billion.

Ranking of cryptocurrencies by market capitalization. Data: CoinGecko.

Earlier, a recent survey showed that retail investors in the US believe Cardano more than Bitcoin. Almost a third of respondents preferred the altcoin to digital gold.

Earlier, Galaxy Digital founder Mike Novogratz asked his followers to tell him about Cardano, because it is one of the few assets he has never traded.

Subscribe to ForkLog news on Telegram: ForkLog Feed — full news feed, ForkLog — the most important news and polls.