Crypto: Robinhood under pressure for Cardano (ADA)!

Fri 02 Sep 2022 ▪ 2:00 p.m. ▪

4
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

Founded in 2008, the investment platform Robinhood has continued to expand its offer for its main target, young people. Conducive to crypto trading, this American broker has already listed a whole host of assets, to name a few: bitcoin, ether, litecoin, shiba inu… Recently, Cardano (ADA) made the object of a quotation. To the delight of less affluent wallets, of course.

Robinhood, fully with cryptocurrencies

The way things are going, Robinhood traders will have all the cryptocurrencies of their choice at their fingertips. Last April alone, Forbes reported that the platform listed popular cryptos like the Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL) and Compound (COMP). This brought the number of cryptocurrencies available on Robinhood to 11.

robinhood-vs-other-exchanges
Comparison based on fees charged by other exchanges

A few weeks later, Chainlink (LINK), Uniswap (UNI), Avalanche (AVAX) and Stellar (XLM) joined the herd. Late yesterday evening, Cardano Feed let us know that the same online broker has just added Cardano (ADA) to its sparse list of cryptos. This in order to satisfy the demand of Robinhood users who had never ceased to show interest in the ADA.

They had to write a petition, like Shiba Inu fans, to put pressure on the developers of Robinhood.

Impacts on the price of Cardano?

For three months, the ADA has zigzagged between the 3rd and 8th positions of the most valuable cryptocurrencies in the world, according to News BTC. Like his peers, he was also entitled to an ATH in 2021, more precisely on the day of September 5. As of today, Cardano’s main token was trading at $2.84 per coin.

At the time of writing, ADA still sits in the top 10. Specifically, it ranks 8e position and trades at a price of $0.458753 per piece.

Note also that the ADA has increased by 3% for 24 hours, and – 1.5% in one week. The balance sheet seems less convincing for this token over a period of one month, – 8.3%, and – 84% over one year.

evolution-prix-cardano-24H
Cardano (ADA) price evolution in 24 hours – Source: CoinGecko

Still, many are expecting a boost in value after this listing on Robinhood. To see the figures mentioned above, they must show a little patience before the arrival of this event.

It should also be noted that Cardano is preparing for possible changes in its ecosystem. If the blockchain had indeed just launched its first lending and borrowing protocol Aada Finance, the community hopes to benefit from the Vasil hard fork which will be held this month.

Of course, from this forking conveniences like Cardano’s improved scalability and transaction throughput will emerge, pipelining helping. And also, it will help to boost the capabilities of DApps and smart contracts after the modification of the Plutus script.

Conclusion

Several major events are expected in September: the hard fork Vasil of Cardano, the Merge of Ethereum, etc. Investors wait impatiently to the point of panicking about the outcome of their investments. Nevertheless, we will agree that the prices of altcoins are strongly intertwined with that of bitcoin. To help them go green, nothing beats a helping hand from buyers.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Cointribune!

Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it

Leave a Comment