TL;DR Breakdown
- Binance set to roll out support for Cardano’s ADA upgradeand hard fork.
- Regarding the upgrade, Binance will suspend ADA deposits and withdrawals.
- ADA reaches an all-time high as Cardano’s market cap surges to a new high.
Binance set to support Cardano upgrade
Binance revealed its plan to support Cardano’s network upgradeand hard fork on Feb 27. The exchange stated that it’s going to suspend the deposit or withdrawal of the coin on its platform for 5 hours on March 1.
However, the exchange said that trading isn’t going to be affected by the suspension and no new tokens will be created. It further revealed that it’s going to reopen deposits and withdrawals once the upgrade is finished and deemed stable. The exchange announced that no further notice will be released concerning the suspension.
ADA reaches ATH ahead of Binance support
The upgrade seems to have come right in time as ADA also made an all-time high this week. Amid the rally, Cardano’smarket cap also reached a new high at $43.8B. As of this writing, Cardano has surged by 24.32% in the last 24 hours and is currently trading at 1.39 USD, according to Coinmarketcap.
Right now, Cardano is the third-largest cryptocurrency by market capitalization. The coin has flipped USDT and BNB to move to the third position. The average transaction volume of the coin has also surpassed that of Ethereum.
Furthermore, Cardano is planning to work on several other projects to expand its reach. On Feb 26, the team revealed the integration of Glow, a programming language, on its platform. The initiative will allow developers to add more features to the platform and build more applications.
The upgrade to Cardano’s network will place it ahead in the DeFi space. Without a doubt, ADA will become more desirable as well.
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