After Coinbase’s recent admission that the highly popular cryptocurrency brokerage platform is considering the addition of five more crypto assets has seen the values of each potential token surge dramatically subsequent to the announcement.
The potential candidates for new listings are Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x, all of which perform different functions, ranging from the establishment of decentralized exchanges, to facilitating completely private transactions, to completely restructuring the digital advertising industry.
They stated that these assets would require additional exploratory work given the nature of their architecture and they cannot make any guarantee that they will make their way to trading.
The blog stated:
“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”
Before Friday, Google search volume for Cardano was exhibiting a typical fluctuation over time, with the currency’s interest trending below it’s historical average. However, following the announcement by Coinbase that they were exploring ADA, Cardano search volume displayed a sharp increase, doubling its trending output in less than 24 hours.
Google Trends is a good tool to analyze both price interest as well as judging the popularity of the coin on a good accuracy. An increase in search volume has almost universally correlated to an in increase in price for a coin, with Cardano pushing a 22% appreciation in value since the Coinbase release. Search volume tends to have a snowballing effect. As more investors see the price of a currency rise, they start searching for general information on the investment or a reasoning for the price pump. This leads to greater interest in the coin, in addition to more investment dollars.
The Cardano Project, which began in 2015, launched on September 29, 2017, and implements an innovative development process that involves small groups of academics and developers competing with peer-reviewed research, integrating the ability to upgrade post-deployed systems without hard forks.
Cardano’s steep increase in search volume is good for both short term price appreciation and long term adoption.