Cardano’s Double-Digit Advance Leads Cryptocurrency Market on Huobi Listing
The price of Cardano surged on Monday, outpacing a wider market slump after digital currency exchange Huobi confirmed it will now support the ADA token.
ADA Price Levels
The value of ADA reached a high of $0.2513 on Monday, its highest in over a month. The digital currency later consolidated at $0.2452 for a gain of nearly 12%. At present values, the currency was capitalized at $6.4 billion. Only six other currencies are valued more based on market cap.
ADA, which trades against other major cryptocurrencies, was last valued at 0.00003075 BTC (+13.6%) and 0.00048783 BTC (+14.9%).
There were roughly 25.9 billion ADA tokens in circulation at the time of writing out of a total supply of more than 31.1 billion.
ADA trade volumes amounted to $620 million, or 4% of the crypto market’s daily turnover.
Cardano’s price acceleration overcame a broader crypto market slump that saw most major assets decline between 2% and 4% on Monday. The total cryptocurrency market cap fell by roughly $10 billion to $324 billion, according to latest available data.
Cardano: Asia’s Rising Star
Cardano’s price boost on Monday was largely attributed to the news that Huobi, China’s largest digital currency exchange, has begun listing ADA alongside major cryptocurrencies like bitcoin, Ethereum, Litecoin and Ripple XRP. ADA tokens can now be traded on Huobi with bitcoin, ether and Tether (USDT) a the quote currency.
ADA has been available on the Huobi Pro platform since 14:30 GMT on Monday. Initial withdrawals will be available from 14:30 GMT on Apr. 19.
As of Monday, Huobi was the world’s second-largest cryptocurrency exchange with daily volumes surpassing $1.2 billion. The platform processed more than 15% of total bitcoin trades and roughly 7% of all Ethereum transactions.
The ADA cryptocurrency has become one of Asia’s most popular, based on exchange traded volumes in South Korea. Upbit is by far the biggest market for ADA, accounting for more than 69% of daily volumes. Binance, formerly of Hong Kong, is responsible for roughly one-fifth of the daily turnover.
Cardano has identified Japan as the venue for its initial roll out of cryptocurrency ATMs, beginning first in five locations and spreading to 25 within a year of ADA’s launch. While ATM installation is expected to begin this year, information on the project has been scarce.
Written in Haskell, Cardano was developed by former BitShares and Ethereum co-founder Charles Hoskinson. The distributed computing blockchain intends to run smart contracts, decentralized applications and side chains, which gives it a business model not unlike Ethereum.
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.
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