Yesterday Coinbase officially announced the listing of Cardano (ADA).
Trading will actually only begin tomorrow, Thursday, March 18th, 2021, starting at 9 AM Pacific Time, but deposits have already been activated.
ADA will be tradable on the Pro version of the platform in pairs with BTC, USD, EUR and GBP.
The platform has been adding several tokens lately, which meant that the listing of the third-largest cryptocurrency by market capitalization was in the air.
However, yesterday’s announcement took investors slightly by surprise and they reacted by buying ADA.
Listing on Coinbase Pro boosts the price of Cardano
In fact, the price quickly rose to $1.28, after having fallen as low as $1.01 in recent days, a 23% increase in the space of a few hours.
These figures are very close to the all-time high of $1.48 reached only 18 days ago, on February 27th, 2021.
These levels are far higher than at the beginning of the year, when 2020 closed at just $0.18.
The first rise occurred during the first week of January, when the price had already risen to $0.33, but it was in early February that the real boom took place, with the price rising to $0.96 in seven days, and then to an all-time high in another ten days.
Yesterday’s spike was quick and substantial, but it actually only brought the price back to where it was at the beginning of the month, in the $1.28 area.
In fact, a similar spike had already occurred on March 13th, with the price rising from $1.01 to $1.18 in the space of a few hours, a gain of 16%.
However, that was just a flash in the pan, as the price returned to around $1.02 over the next two days.
The listing on Coinbase, on the other hand, may have produced a more solid increase, with the price now above $1.2 for several hours.
It is difficult to predict what will happen when ADA holders who have moved their tokens to Coinbase Pro can begin trading.