In the world of Cryptocurrency, there is little that beats a major exchange listing a certain coin as a trade option. Moreover, this exchange could just happen to be the world’s largest. Yes, these two in fact happened to align all at once for for a burgeoning coin; Cardano.
A Little about Binance
Binance, a crucial player in the cryptocurrency markets, has given Cardano a huge boost. The exchange made the big announcement recently.To elaborate further, it was to the effect that the exchange would be adding ADA/BNB and ADA/USDT Trading Pairs.
Binance uses a coin called BNB while USDT denotes the tether token that is seen as a stable coin. As a result, users will be able to have more room with the altcoin. This change is significant because investors could only trade BTC or ETH for Cardano prior to this.
Effect of The Announcement on Cardano Value
As a matter of fact, Cardano has recorded a drastic jump in value. Moments after the announcement, the value soared significantly. This in turn pushes Cardano market cap to $7.393 Billion and one of the most liquid coins in the whole trading at $0.28.
Additionally, the market capitalization according to CoinMarketCap is now at $7.3 billion. If the gains continue, there is a distinct possibility that ADA climbs the 6th position .All these bumps in valuation are directly attributable to the recent announcement.
It goes without saying that Binance is a popular exchange. Its position as a vital player in crypto-sphere is undisputed. Binance adopting a coin has the ramifications of better legitimacy. This is not to say that Cardano has any credibility issues. However, Binance adopting it is like a prized endorsement by a veteran respected politician. The immediate effect is a boost for your profile. The same holds true for Cardano.
Cardano [ADA] is a revolutionary coin in many aspects. Most notable is the scientific and research goals that the coin is pursuant of. Even though the digital currency world is meant to be decentralized, there have to be a few adults in the room.
By that, I mean reliable institutions that bring a semblance of order to the sometimes tumultuous industry. Binance can adopt more coins that are proven to be noble and fraud-free. This order can bring order to the entire cryptocurrency world.