Cardano Price Increase After Binance Announced New Trading Pair
The price of Cardano (ADA) has been seeing a steady increase since they announced they will be releasing the Shelly update with staking pools.
Things so far appear to be going well for this cryptocurrency, as Binance (one of the market’s leading cryptocurrency exchanges) has announced that it will be listing two more trading pairs for Cardano, increasing its value even further.
Binance’s Trading pairs
Cardano is already tradable on Binance, but up until now, it was coupled only with Bitcoin or Ethereum. Meaning that ADA could only be traded with these two pairs. But Binance declared this Tuesday that they’ve added two more trading pairs and introduced the ADA/BNB (Binance coin) and ADA/USDT (Tether, whose value is pegged to the US dollar). This will give traders more flexibility when it comes to transacting with the ADA token.
This announcement was made at a very convenient time, just when the Huobi listing was about to lose its boosting effect on ADA’s price. All of these events along with the upcoming release give Cardano a greater appeal to investors and it keeps its price more stable on the market.
The announcement also led to a spike in Cardano’s value and the traders have generated a pump-like situation for Cardano after the announcement of the addition of the two trading pairs on the exchange. Trading against Binance coin and Tether points towards a possible increase in ADA’s trading volume of in the upcoming days, already taking over 5% of the total trading volume of the crypto market.
But things have not always been so fine and dandy for this crypto. Cardano has had a tough year, falling hard from its peak of $1.26 on January 4 to a 2018 low of $0.13 on March 18, representing a drop of almost 90% in less than three months. This made it one of the worst performing altcoins in the month of March.
Cardano can be easily developed with several programming languages, and it has a low transaction fee, making it very attractive to more investors and more easy to adopt in various projects. The recent releases are doing a good job of giving ADA a boost of by 4.77%, according to CoinMarketCap.
But in spite of obvious dump signals along Cardano’s path, it still holds up its place in the top 10 cryptocurrencies.