Why Cardano (ADA) Could Be Gearing Up For A Rally
04 November 2022 - 12:00AM
NEWSBTC
Cardano (ADA) price has struggled tremendously since it hit its
all-time high price of $3.10 back in 2021. Even now, with the
crypto market recovery, ADA has not made as many gains as others in
the market as indicators point largely toward bearishness for the
digital asset. However, a new development could see a recovery in
the price ofCa Cardano. FTX Plans To List ADA FTX remains the only
one of the largest crypto exchanges that are yet to list Cardano.
Obviously, this has not gone over well with members of the
community who have continued to inquire why the exchange was yet to
list the digital asset for trading. One of such inquiry was
recently targeted at FTX CEO Sam Bankman-Fried (SBF) who gave an
explanation as to why this was the case. The tweet asked why the
exchange was listing lesser-known tokens for trading and yet
continued to pass up ADA, which is currently a top 10
cryptocurrency by market cap. Related Reading: Crypto World Meets
Boris Johnson: A Match Made In Heaven Or Hell? SBF’s response to
this was that the crypto exchange was actually working on adding
Cardano for trading. However, he referred to the blockchain as
being “new”, so they were still working on integrating it into the
platform in the near future. working on ADA! It's a new blockchain
which takes some time to implement but we'll be there soon — SBF
(@SBF_FTX) November 2, 2022 The FTX CEO further clarified that he
did not mean that the blockchain was actually “new” but that he
meant that it was “new” because it was not yet on the
platform. Why This Is Good For Cardano For any
cryptocurrency, listing on an exchange can trigger a rally in the
price of the digital asset. For Cardano, it is no different because
a listing on FTX would bring more liquidity and thus, lead to a
surge in price due to the hype that follows such as listing. ADA
price trending at $0.39 | Source: ADAUSD on TradingView.com If the
FTX crypto exchange, does stick to its promise and lists the
digital asset soon, then it is possible that ADA could rally in
line with the rest of the market. This would definitely put it
above the $0.4 level while registering support as well. Related
Reading: Institutional Investors Remain Bullish As Short Bitcoin
Sees Outflows The bull case for Cardano seems to be shared by
investors in the asset. According to Coinmarketcap’s Price
Estimates feature, investors expect the price of the cryptocurrency
to reach as high as $0.5 before the end of November. A listing on
FTX would definitely help to solidify this bull case for the
digital asset. ADA is currently trading at $0.39 at the time of
this writing. It remains the ninth largest cryptocurrency with a
market cap of $13.7 billion. Featured image from Crypto News,
chart from TradingView.com Follow Best Owie on Twitter for market
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