Cardano (ADA) and EOS Reverse Crypto Market Downturn With Huge Gains
Following a sudden downturn early this week that threatened to remove last weeks gains, the cryptocurrency market has been given a welcome boost by Cardano (ADA) and EOS.
Both assets are up by more than 10 percent today, collectively helping push the overall cryptocurrency market value back towards the $140 billion mark. With around 3 percent gains each, Bitcoin (BTC) has reclaimed its place above $4,000, Ethereum (ETH) is closing in on $138 and XRP is holding strong above $0.30.
ADA Ledger wallet integration
ADA, in particular, has had an excellent month, accumulating over 50 percent in value over the past 30 days and 28 percent since this time last week. The open-source proof-of-stake (PoS) cryptocurrency’s gains can be attributed to two key factors – last weeks Cardano Mainnet 1.5 upgrade and today’s announcement that ADA has been fully integrated with Ledger’s Nano S hardware wallet.
Ledger develops some of the best cryptocurrency hardware wallets on the market, with the Nano S being one of it’s most popular products. The addition of ADA means cryptocurrency investors can now store their ADA private keys in secure offline storage, giving a huge boost to the safety of their digital assets. The integration is via the Yoroi wallet, which is developed by Cardano’s commercial subsidiary Emurgo. Initially announced in October last year and planned for launch in November or December, the integration has been a much-anticipated development by ADA enthusiasts.
In an official press release, Ledger CEO Eric Larcheveque said: “Our integration with Cardano is something the Ledger community has been looking forward to for a long time. We are constantly working to respond to the needs of our customers, so we’re thrilled to officially welcome Cardano to the Ledger platform.”
EOS has enjoyed even more impressive gains than ADA today, jumping 12 percent in a matter of minutes from $3.60 to over $4.00. The decentralized app (dApp) focused cryptocurrency has long been seen as a potential competitor to Ethereum, which has enjoyed a strong monopoly of the dApp market until recently. The reasons behind EOS’s sudden gains are not immediately apparent but the coin has been enjoying rapidly increasing support for its dApp platforms over the past few months.
Yesterday, cryptocurrency evaluation firm Weiss Ratings released a new report giving EOS an ‘A’ rating, equivalent to that of Bitcoin (BTC) and Ripple (XRP). The report, entitled, “Dark Shadows with a Bright Future,” attributed the grade to EOS’s strong challenge to Ethereum and its potential to become the “backbone of the new internet.”