Cardano (ADA) Enters New Boom Cycle as Binance Adds New Trading Pairs
The ADA digital asset saw a strong rise on Asian trading, seeing more activity than EOS.
The Cardano (ADA) boom times seem to be back, as the coin took over 5% of trading volumes from the entire crypto market - a feat for an altcoin, given that even Ethereum trading hovers around 10% of volumes. ADA grew more than 22% overnight, to $0.26, a still reasonably low price. But the asset has pushed upward from the recent dip, gaining more than 74% on a weekly basis.
The chief boost in trading is the expansion of trading pairs on Binance, where Cardano is the third best-traded asset, after Verge (XVG). In the coming days, it will become clear what the inflow of USDT into the Cardano market would do to the price. The Binance exchange is one of the biggest holders of USDT, allowing the token to flow into many altcoin markets beyond Bitcoin.
Since April 16, ADA has also been trading on the leading Chinese exchange Huobi Pro, adding to the recent interest.
What is more encouraging, the recent rise is happening on increasing trading volumes, after weeks of sideways drifting where ADA saw little action and seemed almost forgotten.
The price action received a further boost from details of a partnership with the Emurgo project:
At this point, hopes of a recovery in ADA are strengthening again. This asset remains promising, as it could quickly climb up the charts to displace now-leading coins like Litecoin (LTC). In its first price spike, ADA was a relatively unknown asset fresh out of the ICO phase. ADA spend months with a price of 0.03, before suddenly gaining and settling among top 10 coins.
For now, ADA may expect at least a few days of momentum as social media sentiment remains extremely positive. The expectations of the Cardano version 1.2 to be released soon may further boost the exposure of the project.