Nothing can be a better lift for a cryptocurrency than news that a major exchange will be listing it or expanding trading options. Exchanges do not come much bigger than Binance so the announcement posted on the company website an hour or so ago has given Cardano a long needed lift this morning.
Cardano is already listed on Binance but tradable only in BTC or ETH. Today the Hong Kong based exchange announced that it would be offering ADA/BNB and ADA/USDT trading pairs. BNB is Binance’s own coin and USDT is Tether which is pegged to the US dollar. This gives traders greater flexibility for buying and selling ADA. It is good news for any altcoin which needs to uncouple itself from Bitcoin, which is pretty much all of them.
#Binance Adds ADA/BNB and ADA/USDT Trading Pairshttps://t.co/GmTUh2TsN1 pic.twitter.com/HDy7JxezGV
— Binance (@binance) April 17, 2018
Cardano Climbs from a Long Lull
Cardano has had a rough year, falling hard from its giddy peak of $1.26 (8650 satoshis) on January 4 to a 2018 low of $0.13 (1740 satoshis) on March 18. This represents a fall of almost 90% (80% against BTC) in less than three months. It was one of the worst performing altcoins in March.
ADA has been waiting for a boost and it has finally arrived with Coinmarketcap reporting the token trading at 24% higher on the day. Cardano has climbed from $0.21 to almost $0.27 in the past day and is trading strong in Asia at the moment. Over the week the altcoin has performed exceptionably well rising over 73% from $0.15 this time last week. Against Bitcoin ADA is up almost 25% on the day to around 3300 satoshis, the weekly gains are even better at 50% from 2200 satoshis this time last week.
South Korean’s are leading the way with trade volume as Upbit is dominating with around 65% of the total trade in KRW. Binance is currently second with 20% of the volume however this is likely to increase now with the new trading pairs. Total ADA volume has jumped over 300% in 24 hours from around $190 million to $813 million where it currently stands.
Cardano has a market cap of $6.8 billion and is ranked just behind EOS at 7th place at the time of writing. If buying pressure continues this altcoin is likely to retake sixth spot today. A second long awaited lift has finally come Cardano’s way after Chinese exchange Huobi announced that it would be listing it yesterday.