And Then There Were Two: Stellar, Cardano on Move as Coinbase Listees Narrow Down

Stellar (XLM) and Cardano (ADA) were on the move on Saturday as the broader market again attempted another upswing.

XLM and ADA hit 8% and 9% gains respectively, and both coins could be subject to increased speculation as the year draws to an end following the recent listing of Zcash (ZEC) by Coinbase.

Three of the five coins which Coinbase previously singled out for attention have already been added to the exchange, and now only Stellar and Cardano remain.

With no announcement preceding the Zcash listing, unlike with Basic Attention Token (BAT) and Ox (ZRX), those looking for short-term gains on the Coinbase pump may be forced to hedge their bets between XLM and ADA.

Stellar or Cardano?

Cardano currently suffers from the fact that the fully-fledged version of the product is not yet live. The project roadmap sets a Q1, 2019 deadline for the release of the Shelley update which will introduce delegation and staking pools, while the Ouroboros staking algorithm – which was criticized by Vitalik Buterin in comparison to Ethereum’s Casper – is still under development.

One plus side for the Cardano argument is that the coin’s premine is significantly less than that of Stellar. It’s estimated that around 20% of Cardano was premined, while Stellar’s premine stands at closer to 90%. This may prove to be a concern for Coinbase, and may explain why XRP has continued to be ignored by the exchange.

On the other hand, Stellar has something closer to a completed product, and has already racked up 37 business partnerships, including the likes of IBM and Tempo. Stellar has been around since 2014, while Cardano was founded little over a year ago.

Beyond these obvious considerations, there’s little else to suggest which coin will land on Coinbase next. Both coins are proof-of-stake, which is something we haven’t seen on Coinbase yet.

Cardano Price – ADA/USD

The value of ADA climbed 9.6% against the dollar from Friday into Saturday, rising from $0.037859 up to the high of $0.041507 which was struck around 12:00 UTC.

That surge was accomplished with steadily declining volume, as daily trades nearly halved from $38 million down to $21 million. That’s in line with the 25% decrease in trade volumes across the board. Over 60% of ADA trades came against USDT, with KRW and BTC making up most of the rest.

Stellar Price – XLM/USD

From last night’s low of $0.155392, the value of XLM climbed to $0.168724, peaking at the same time as Cardano. That 8.5% surge also came on the back of declining volume, but to a lesser extent than ADA, with daily trades sinking 15% during the spike.

Despite Saturday’s growth, XLM is still down 40% in the last three weeks. However, it is still one of the very few coins not to have sunk as far as pre-December prices.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.