Why the Cardano (ADA) price is rocketing higher

It has been a disappointing 24 hours of trade for the cryptocurrency market with declines being seen across the board ahead of U.S. tax return day.

Cryptocurrencies are believed to have come under pressure as selling related to capital gain taxes occurs.

This has led to the bitcoin (BTC) price, Ethereum (ETH) price, and Ripple (XRP) price all sliding lower.

But one cryptocurrency that hasn’t been dragged lower is Cardano (ADA).

The popular altcoin has exploded higher during the last 24 hours and is up a remarkable 24% over the period to 26.75 U.S. cents. This increased its market capitalisation to over US$6.9 billion.

Why is Cardano rocketing higher?

On Monday it was announced that Cardano would be added to one of the world’s leading exchanges.

According to a tweet by the Huobi exchange, China’s largest crypto exchange and the second largest in the world, Cardano will begin trading on its platform today.

This is a big step forward for Cardano and will open it up to a much wider audience.

Traders appear to be optimistic that demand for the fledgling altcoin will be strong in China and have been fighting to get hold of coins since the news broke.

Should you buy Cardano?

I think that Cardano is one of the better cryptocurrencies out there in respect to its technology and has the potential for adoption in the real world.

However, like the rest of the cryptocurrencies, it is close to impossible to value the altcoin, so deciding whether this is a fair price to pay is difficult.

But considering trader sentiment is strong at the moment and there are indications that bitcoin could push higher after the tax selling is done with, I wouldn’t be surprised to see Cardano move higher as well over the coming days. Especially if demand on the Huobi exchange is strong.

But it is an extremely high-risk investment and I would urge investors to only play with what they are prepared to lose.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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