Why the Price of Cardano Is Rising Today

The price of Cardano (CRYPTO: ADA) had risen roughly 9% over the past 24 hours as of 10:55 a.m. ET today. There was no obvious reason for the increase, although there are several pieces of news that may explain the move.

The large crypto exchange Coinbase announced yesterday that it has added staking options for ADA, the cryptocurrency that runs on the Cardano blockchain. Cardano runs on a proof-of-stake concept, meaning that individuals stake their ADA holdings to validate transactions on the network and mint new tokens. It rose to popularity after the initial proof-of-work blockchain concept became to be seen as too energy intensive.

Coinbase is offering to assist people that want to stake ADA. People who stake ADA on Coinbase can earn a 3.75% annual percentage yield. The pitch is that people can earn rewards while their Cardano currency is safely stored in a Coinbase account.

Source Fool.com