- Cardano (ADA) has its USD pair added on Bittrex exchange for trading.
- Daily volumes traded on the coin surpassed the $85 million USD mark representing a 70% gain since Monday.
- ADA’s price is currently at $0.0997 USD, will the coin’s current Bittrex listing push it past $0.05 in 2018?
Cardano (ADA) has been bullish in the past week, a good HODL for long term crypto preneurs given the platform’s infrastructure. Over time the crypto community has learnt on attaching fundamental value to distinguish the good and prospectus crypto projects. Fortunately, Cardano is receiving positive feedback and reactions from the larger financial market. The crypto community in Asia is a major stake holder of this blockchain network, a vibrant market in today’s cryptocurrency arena!
Bittrex exchange lists ADA/USD pair
Cryptocurrency trading is slowly joining the most liquid market in the world ‘Forex’ by crypto pairs being added to the USD or other major currencies. This comes with a benefit to the crypto projects which in turn break into more markets. Bittrex, one of the most popular coin exchanges at the moment recently announced via their twitter handle that they will be adding a ‘Cardano/USD’ pair to the platform. Zcash is also set to be listed together with Cardano within a week’s time,
“We’re rolling out more USD pairs. On Sep 5 we’re launching US dollar (USD) markets for Cardano (ADA) and Zcash (ZEC). Eligible #Bittrex accounts created before August are already enabled for USD trading.”
At the beginning, Bittrex was quite specific with its clients allowing only corporates to invest their money. However, things changed with time and today retail clients can participate on the platform as well. Bittrex cited this approach as part of its greater plan,
“We’re using a phased approach for adding markets and customers. This approach is designed to ensure our processes and systems are operating optimally before we open it up to all customers,”
Bitcoin and Tether were among the pioneer coins to be listed on Bittrex. The altcoins were later joined by their rivals, ETH and ETC later in 2018. So far, Bittrex is making major moves with crypto coins and Cardano’s listing shows its potential is gradually being recognized.
The solutions ADA offers to previous blockchains
Ethereum, the second largest altcoin in market cap as of press date and a fork of Ethereum classic is facing a stiff competition from Cardano. The Ethereum platform is popular for its smart contract capabilities but Charles Hoskinson, Cardano’s founder, developed a more advanced version of blockchain that can as well handle smart contracts. Charles studied the inefficiencies ETH is currently facing and build the Cardano platform with better log-term prospects and fundamental value.
The areas that have been a challenge to many blockchain and crypto projects include scalability, sustainability and inter-operations with peer platforms. Cardano has been developed with features that enhance its security and effectiveness of smart contracts. The platform has separate layers that process the transaction requests independently creating a more secure hierarchy of processing the smart contracts. This has without a doubt placed ADA on the map as cryptocurrencies increase by the day.
ADA Market Analysis
The ADA coin is currently at the $2.5 billion mark in market capitalization ranking 9th out of over 1800 cryptocurrencies. Its circulating supply is 25 billion coins although the total number of coins stands at 31 billion. One ADA coin is currently exchanging at $0.0997 against the dollar while its price against Bitcoin is 0.00001432. Crypto analysts in the market are still hopeful that the coin will hit its all-time high of $1.28 once market correction happens.
Cardano has not been spared by the volatile nature of crypto markets, the altcoin’s volatility in the past week stood at 15.24% according to coincheckup. For its 11 months of existence, Cardano has recorded a cumulative return of 388.13% since its initial day of trading. This seems to agree with the principle of ‘high risk high return’. However, this has not always been the case within the crypto markets that are still being studied even by the regulators from giant economies.