eToro Adds Cardano but Market Still Bearish

Avi Rosten

eToro, the world’s leading social trading platform has announced that it is expanding its cryptocurrency offerings, adding Cardano (ADA) to the ten crypto-assets listed on the site.

Now available alongside Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Dash, NEO, Ethereum Classic, EOS and Stellar, the move is a significant step for Cardano, opening the ADA token up to eToro’s user base of over ten million.

Launched in September 2017, Cardano’s blockchain uses a proof-of-stake system that offers an open source smart contract platform which “seeks to deliver more advanced features than any protocol previously developed.”

Claiming to be “the first blockchain project to be developed from a scientific philosophy,” its ADA token took off rapidly in the bull run of late 2017.

Now available for investors to buy and trade the ADA asset itself, the token will also be added to eToro’s Crypto CopyFund giving investors the opportunity to manage ADA together with a range of cryptocurrencies,  according to a particular market strategy.

Other similar announcements have led to price spikes - with Ethereum Classic recently surging after its addition to coinbase. It seems, however, that the announcement from eToro at 1pm (BST) yesterday - despite their large customer base and market influence - failed to stimulate the price of ADA to push out of the general bearish trend:

eToro add Cardano ADA