Crypto Exchange Bitrue Adds Cardano ($ADA) as a Base Currency

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Crypto Exchange Bitrue Adds Cardano ($ADA) as a Base Currency
Crypto Exchange Bitrue Adds Cardano ($ADA) as a Base Currency

Bitrue, a Singapore-based cryptocurrency trading platform, has announced that Cardano ($ADA) would be added as a base currency on its exchange on February 24, along with the debut of nine new trading pairs.

According to the release, the exchange would pair ADA with Cartesi ($CTSI), flux ($FLUX), Reserve Rights ($RSR), DigiByte ($DGB), Bancor ($BNT), Kyber Network ($KNC), and Loom Network ($LOOM), among other crypto assets.

The First Currency Appearing In a Pair

It’s important to remember that the base currency is the first currency in a currency pair. IT denotes the amount of the second currency, the quote currency, required to obtain one unit of the base currency.

According to CryptoGlobe, Bitrue was the first cryptocurrency exchange to support native assets on the Cardano blockchain last year. $OCC, the utility token of OccamFi, a “package of Defi solutions optimized for Cardano,” was the first user-defined Cardano token to be enabled.

Bitrue first listed ADA trading pairs versus USDT, BTC, and XRP in April 2019. Later that year, its integration with Bitrue developed as it was integrated to more of the exchange’s products. Bitrue also introduced ADA community staking pools and open-source contributions last year.

Conclusion

The Cardano network has seen an increase in activity over time. On February 18, the number of daily new addresses produced on the cryptocurrency’s network increased by 167 percent, according to on-chain expert Ali Martinez, a metric that “usually predicts a rise in price volatility for ADA.”

According to data, major ADA token investors more than doubled their holdings in the cryptocurrency in January, taking advantage of a 30% price decline.

Cardano is said to deal with 10,000 to 1 million tokens, according to data. ADA has grown its assets by 113 percent, amassing $53.6 million in the process.

After the debut of SundaeSwap, Cardano developer Input Output recommended raising the network’s block size by 11%, from 72 to 80 KB.

Read More: Crypto Analyst Who Called 2018’s Market Bottom Sees Bitcoin ($BTC) Price Drop Below $28,000

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