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Cardano community celebrates its addition on Binance’s Margin Trading platform

Mark Prestwood

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Source: Pixabay
Source: Pixabay


Binance launched its Margin Trading services on July 11 after much speculation; in a win-win situation, it announced the addition of Cardano [ADA] along with Ontology [ONT] to its Margin trading platform on July 26.

The trading pairs available for the two cryptos are ADA/USDT, ADA/BTC, ONT/BTC, and ONT/USDT. Binance has already added five other major cryptos to its Margin trading platform apart from its native coin. Overall, there are seventeen pairs that can be used by the traders. However, according to the user choice, ADA/BTC has registered higher trade than ADA/USDT, as interest rate for the coin was noted to be 0.0200%. The borrowing limit for the coin remains at 100,000.

Following the announcement, the Cardano community reacted positively and a surge was noted in the price of the coin.

Source: Trading view

Source: Trading view

The coin surged by 4.78% driving the price to $0.0590; the market cap was reported to be $1.53 billion. The 24-hour trading volume also saw a hike, amounting to $42 million, even as it plunged by just 0.31% over the past day. Despite being an underdog, ADA had been pushing its limits by advancing itself on the technical front, and the Binance listing is one of the examples.

As for ONT, it reported zero trade for ONT/USDT pair, but a high demand for ONT/BTC pair was seen as the interest remained equivalent to that of ADA. The borrowing limit for ONT rests at 10,000. ONT jumped by over 3% in an hour, valuing at $1.0460, at press time.

Source: Trading view

Source: Trading view

The coin was still going strong as the 24-hour trading volume of the coin was reported to be $115.06 million and a 1.86% growth in a day.

 

Mark is a full-time member of the Editorial team of AMBCrypto. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he's not working. Email him at mark@ambcrypto.com or editor@ambcrypto.com