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Cardano Price: ADA Soars As It Becomes The Base Currency Of New Exchange. Saturday, November 3rd

03 november 2018, 23:19 by John Kiguru

Cardano Soars As The Project Announces Launch Of Exchange And ADA As Its Base Currency

As we go into the weekend, the majority of altcoins are still bullish. For the past 3 days, the market has been kind to altcoin investors. Cardano, in particular, has been continuing its positive momentum with every day seeing a higher growth percentage. Today, November 03, Cardano (ADA) is trading around $0.0715.

ADA/USD Price Chart, Saturday November 3rd:

Cardano ADA Price Chart, November 3rd

Cardano has however not reacted as positively as it was expected following an announcement from EmurgoHK, the company behind Cardano (ADA), that they were launching a crypto exchange which would see ADA become the exchange’s base currency. EmurgoHK will be partnering with IronX foreign exchange in the launch of the exchange.

This comes as big news for the eighth-ranked cryptocurrency as it will now be poised for mass adoption. One Reddit user notes that:

“I think people still don’t realize that; IronX is not a crypto exchange it exchanges everything shares commodities etc. Cardano will not just be a random crypto supported, the entire project will be built on Cardano computational layer…”

On October 12, Cardano was undergoing a rocky period when Charles Hoskinson dissolved the Cardano Foundation. According to the founder, this was propelled by the lack of delivery from the Foundation and its chairman, Michael Parsons. A few thought that this would cause problems for the project but the decision has proven informative.

To repeat Reddit user’s sentiment, the move to have ADA as a base currency for the crypto exchange is expected to expose it to new markets and set it up for mass adoption.

Cardano is expected to continue steadily soaring as the market continues to make a recovery. However, as investors continue to understand the possibilities that lie ahead for ADA after the launch of the exchange, prices should begin spiking.

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