Cardano (ADA) Closes in on $1.20 Following Coinbase Staking News

Cardano’s ADA is enjoying a midweek rally that has driven its price to a six-week high above $1.18, the latest market data shows. The token was last observed to have bagged double-digit gains in both 24-hr and 7-day time frames after breaking from a downtrend that kept its price struggling below $0.80.

Market analysts ascribe Cardano’s price uptrend to Coinbase’s recently announced support for Cardano staking. The US-based exchange shared a blog today detailing that it has expanded its staking offerings to include Cardano (ADA).

The currently prevailing positive weather in the market has also played a role in pushing crypto assets broadly higher. This explains why other altcoins like Solana, Avalanche and Polygon have also posted green candles in the same period, albeit not as big as ADA’s.

Coinbase’s staking pot now supports Cardano

Last June, Coinbase’s chief  Brian Armstrong said that the crypto exchange was seeking to expand, with an ambition to “list every asset where it is legal to do so.“ True to his words, Coinbase has recently been on a spree of onboarding new products and Cardano is the latest crypto asset it has landed.

Coinbase has added Cardano to its portfolio of staking assets, meaning that onwards, users of the crypto exchange will be able to enjoy Cardano’s staking rewards. According to a blog post posted with the announcement by Coinbase’s senior product manager Rupmalini Sahu, the choice to add Cardano was due to the nature of its blockchain design and position as a top ten crypto asset in market capitalization.

“Today, we’re expanding our staking offerings to include Cardano (ADA) with plans to continue to scale our staking portfolio in 2022,” a section of the post read. “Cardano is one of the top ten most valuable cryptocurrencies by market cap. It’s a proof-of-stake blockchain designed to be a next-gen evolution of Ethereum — with a blockchain that seeks to be more flexible, sustainable, and scalable.”

In adding Cardano’s staking rewards, Coinbase is building up users’ options when participating in the consensus of blockchain networks. Usually, as the requirements of the staking process can be strenuous to the average user, institutions such as Coinbase come in to create staking pools for willing users, such that the exchange will stake on their behalf and then redistribute the rewards periodically.

In this instance, Coinbase users will gain a 3.75% annual returns rate, with the rewards flowing in within every five to seven days. However, they can only start getting the rewards once an initial holding period of 20 to 25 days is concluded.

Worth bearing in mind, just a portion of the rewards flows back to stakers’ accounts, and the returns rate is set by Cardano, dependent on the number of people participating. Besides the native token of the Hoskinson-led project, the crypto exchange also offers staking options for Algorand, Ethereum, Cosmos, and Tezos tokens.

Cardano (ADA) price action

The ADA token has broken from a downtrend on the back of the Coinbase news and is now atop in daily gains among the top 10 cryptocurrencies by market capital.

In the last 24 hours, the ADA/USD pair has moved up 11% revisiting mid-February highs as a result.

CoinMarketCap data further shows that ADA has seen a nearly 44% profit from the last Wednesday close of $0.82 to $1.18 as of this writing. Cardano’s price gain has taken its market capital to $39.5657 billion and in range of Ripple’s XRP, which sits sixth in market capital ranking.

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Last month, Cardano lost ground in the market while its rivals took advantage, pushing it to ninth in market capital at some point. As things stand, ADA has a shot of upsetting XRP and climbing higher in the chart if it maintains its upward momentum.

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