Binance, the largest crypto exchange in the world, has announced its addition of Cardano to its margin trading platform. Ontology was also added, and both would have Tether and BTC trading pairs. The crypto exchange has achieved a lot in 2019 and still stands ahead of its competitors. The Binance Launchpad was reactivated early in the year when the stock market introduced the IEO model. Also, the exchange introduced Binance Chain, its own blockchain network which is a decentralized version of the Binance Dex and margin trading platform.
Cardano (ADA) Price Today – ADA / USD
The native token of the exchange, Binance coin, has not been left out in all these achievements. The coin has also benefited from the developments and has seen an impressive growth this year.
Binance Announced Support For Cardano and Ontology
In recent news, Binance has flagged off its support for Cardano and Ontology on its margin trading platform. This means that both coins will be paired to trade with Bitcoin and Tether. In a few months, the trading pairs are expected to increase to accommodate more traders.
The crypto exchange launched its margin trading services a few weeks ago on July 11. On July 26, it announced the addition of two cryptocurrencies, ADA and ONT. The trading pairs are ADA/BTC, ADA/USDT, ONT/BTC and ONT/USDT.
Binance had 5 cryptocurrencies in its margin trading platform along with BNB, its native token. So far, there are 17 pairs that traders can use on the platform. When it comes to user choice, the pair of ADA/BTC recorded more trade than ADA/USDT. The interest rate for the token was 0.0200%. however, the coin still has a borrowing limit of 100,000.
Cardano Community Rejoices After Announcement
The news was well accepted by members of the Cardano community. After the announcement, the coin surged slightly. At the time, it surged by 4.78% and was trading at $0.0590. also, the market cap of the coin rose to $1.53 billion. ADA’s 24 hour trading volume also surged to around $42 million despite the recent plunge by 0.31% the previous day.
Cardano is one network that has pushed itself to the forefront with strategic partnerships. This recent listing by Binance is a good example of its strides. At press time, ADA is trading at $0.061486 and has seen an increase of 2.92% in the last hour. Its market cap is $1,594,147,075 and its 24 hour volume is $54,052,032.
Ontology also surged after the announcement by Binance. For the ONT/USDT pair, ONT reported zero trade. However, a high demand for the second pair, ONT/BTC was seen. The interest is also the same with ADA. Here, the borrowing limit is lower at 10,000. The coin saw a rise of 3% in one hour. At press time, ONT is trading at $1.07 with a market cap of $568,030,563. The 24 hour trading volume of ONT is $124,353,238.
Despite the gloomy market, both coins are trading in the green and are bullish in the medium term. It is quite unusual because altcoins follow Bitcoin’s lead most of the time. Bitcoin has fallen below the $10k psychological level once more and the market trend is bearish. It is currently trading at $9,836.60.