Cryptocurrency prices have proven to be highly sensitive to new information since the market gained popularity in 2017. This morning Cardano (ADA) HODLers have received good news that Binance, a leading coin exchange will be increasing the scope of trading Cardano (ADA) within their platform. Binance posted this announcement on their tweeter handle a few hours ago;
“#Binance Adds ADA/BNB and ADA/USDT Trading Pairs”
This is expected to increase the trading volume of the ADA coin which initially could only be traded for the BTC or ETH altcoins. The news on Binance adding the BNB & USDT tokens as cryptocurrencies that can be exchanged for ADA in the Binance platform is a significant milestone for this top 10 altcoin in market cap. In addition the two tokens; BNB & USDT are quite stable given that BNB is a Binance project while the USDT is pegged to the most popular currency, USD.
Cardano; Good Prospects in the East
One of the major coin exchanges in China recently listed Cardano, the Huobi coin exchange. This has since boosted the price of the ADA coin as the cryptocurrency markets slowly recover from the recent bear run. Cardano which has been nicknamed the Ethereum of Japan is expected to be bullish in the remaining quarters in 2018 as the market adjusts the information into Cardano’s price. The ADA coins have since been available on the Huobi coin exchange from the 16th of April although withdrawals will commence on April 19th.
This cryptocurrency has been making significant milestones in the East with its trading volumes ranking among the top 5 traded coins in Asia. The altcoin is currently traded mostly on Upbit although this might change in future following the recent announcement by Binance. In Japan the cryptocurrency is set to launch crypto compatible ATMs in the near future, this program will be rolled out in five pioneer locations. This has sparked excitement in the fin-tech arena especially for the larger tech savvy Japan population.
Is this the beginning of Cardano’s Bull-run?
Cardano (ADA) is among the cryptocurrencies whose value was largely affected by the bearish market towards the end of January. This saw the cryptocurrency reduce its price by over 90% within a month which is above the volatility of most stable coins right now. In March the altcoin was a good buy as its fundamental value was way above its allocated market price.
However, fortunes in Cardano seem to be changing for the better in the past week following an increased trade of the ADA coin in Asia. The price of one ADA coin has been on an upward trajectory in the past week gaining from $0.15 to $0.25 right now, this is a good sign for the coin whose price has been in distress for a while. The ADA coin has also beaten BTC odds recently making gains of over 50% against Satoshi’s coin in the past week.
The ADA coin is set to receive much attention from the crypto community in the coming months following its recent accomplishments with Binance & Huobi. At the moment the coin’s trading volume has increased by an impressive 300% within the last day, Upbit leads the pack with 65% of ADA traded in their platform. However, this is subject to change following the additional ADA trading pairs announced by Binance this morning.
Cardano (ADA) is slightly behind EOS with a market cap of $6.6 billion and is likely take EOS 6th position in the coming days as the buying craze continues. This is might be a good HODL from the news streaming recently released to the crypto market. However, its volatility is inevitably linked to the general sensitivity of the crypto arena to new information every day.