Coinbase is the one exchange that every crypto community wishes could list their coin. That’s because the excitement it creates has often led to price pumps that have given major short-term gains to investors. For instance, the listing of Litecoin (LTC) led to a major pump that gave a boost to LTC in the 2017 Bull Run. The same was the case for Ethereum Classic (ETC). Crypto communities also look up to Coinbase because it gives access to the American market, whichis an important one for crypto’s long-term growth.
However, both of these reasons are now greatly diluted. The massive pumps in prices that usually came with Coinbase listings are gone. That’s because bear power is so strong, that exchange listing just don’t cut it anymore when it comes to boosting prices. Besides, Coinbase is now opening up its doors to lots of cryptos,which takes away the excitement. For instance, yesterday, the company announced that they would be listing Cardano (ADA) alongside 30 other cryptos. This takes away the wow effect that came with Coinbase in the past.
Then there is the fact that there are lots of other exchanges that are now offering Cardano (ADA) and other cryptos to the American market. No one looking to buy Cardano (ADA) can claim that they have failed to buy, because they lack access. On this basis, Coinbase may no longer be something to look forward to as a price booster.
The fundamentals are right
In spite of Cardano (ADA) coming a little in a little too late to enjoy the Coinbase effect, the fundamentals are right for its long-term growth. First, Cardano (ADA) is one of the projects that are assured of continued development, no matter how long the bear market runs.
Charles Hoskinson has already made it clear that they divested their bitcoins at the right time, to allow them comfortably fund Cardano development all the way to 2020. This is important because, some projects are already running out of money, due to the bear market. This means that Cardano is assured of surviving the bear market, and thrive when it is fully developed.
Beyond this, the IOHK team has made tremendous progress on the Cardano (ADA) roadmap. Recently, the team announced the release of the Cardano testnet. According to Laurie, a member of the IOHK team, the testnet allows developers and Cardano users can check out new features of the Daedalus wallet before they are deployed on the mainnet.
The Cardano team has also achieved a number of other development milestones including Ouroboros, a POS stake algorithm that makes Cardano as secure as Bitcoin, but more efficient. With so much progress on their roadmap, there is no doubt that Cardano (ADA) will emerge as one of the most useful blockchain platforms in the future.
Besides, the IOHK team is an asset in itself for Cardano. They are not only good at the tech side of things but are also going all out to ensure that Cardano gains acceptance in the market. For instance,Charles Hoskinson has made progress in establishing relationships with thegovernment of Mongolia, as well as a number of African countries.
Coinbase’s magic may be over, but Cardano (ADA)’s growth is to a large extent assured.