On the back of a bullish week following a slew of announcements, Cardano [ADA] surged once again. Cardano rose to become the second highest gainer in the elite coins, behind EOS.
The primary reason speculated for the surge in prices is the integration of the coin on the new Ledger Nano S, by the French hardware-wallet manufacturers Ledger. Since the CEO of the Cardano Foundation, Charles Hoskinson, tweeted a picture of a Ledger wallet with a Cardano logo on 14 March, ADA proponents were speculating an imminent support announcement.
Ledger buoyed the ADA community on 25 March with a tweet depicting the latest Ledger Nano S with the caption,
“Coming Soon: One of the most requested apps for the Ledger Nano S.”
What caught the eye of the community was the picture’s background, which seemed to resemble Cardano’s logo. ADA proponents saw this as a precursor to the integration of the cryptocurrency on the device, contributing to the recent price increase.
Another notable reason for Cardano’s bullish swing was the introduction of the new Binance ADA-stablecoin pairings. The largest cryptocurrency exchange in the world announced via its official blog that Cardano and Neo [NEO] will see two new pairings with the stablecoins Paxos Standard Token [PAX] and USDC Coin [USDC].
The new pairings ADA/PAX, ADA/USDC, NEO/PAX, and NEO/USDC, will open for trading at 0400 UTC on 27 March.
After a weekly low of $0.051 on 21 March, the coin rose by a massive 25.4 percent to reach $0.064 on 24 March. It was its highest price since the close of November 2018.
Subsequently, market correction forces pushed the coin down to $0.057, prior to the recent rise. The coin bumped up by 12.28 percent on the back of the Ledger hint. The coin surged against the US dollar by 6.18 percent and was trading at $0.064, at press time. The market cap of the coin stood at $1.65 billion.
ZBG took the top-spot in the ADA trade volume charts, accounting for 37.85 percent of the global volume in the trading pair ADA/USDT. Other notable exchanges on the list were Binance, Huobi Global and Upbit.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.