Cardano, (ADA), is scheduled to make its debut on Bitstamp’s top cryptocurrency exchange. Although the altcoin’s performance has been slow lately, things are looking better for it. The network had smart contract capabilities, and expectations were high for possible growth. While technology is meeting expectations, ADA still hasn’t.
After hitting an all-time high, the token suffered severe market losses. The token has not been able to take advantage of the improvements made in its technology, and there hasn’t been much positive change since. The digital asset may benefit from the new listing, which could help it move in the right direction.
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Cardano Lists Bitstamp
Bitstamp, a top cryptocurrency exchange announced the listing of Cardano on their exchange. Four parts were involved in the listing. The first was the transfer-only option. The transfer-only mode, which was available on Tuesday, allows users to withdraw and deposit ADA via Bitstamp wallets. But they are still unable to trade this digital asset.
Wednesday will mark the official listing of the token at the exchange. This will however be broken into three sections that will take effect at various times throughout the day.
ADA falls to $1.6| Source: ADAUSD on TradingView.com
Post-only mode is the second phase. Users of Bistamp can cancel or place limit orders with the digital asset. However, these orders cannot be matched. This is why no Cardano limit order will be processed on the exchange. This change takes effect at 11:00 UTC.
The limit-only mode will be available at 3:00 p.m. UTC. All limit orders made using ADA will be fulfilled this time. Users will be able to trade with limit orders, however.
Final trading will be the phase. This allows the order books sufficient time to accumulate enough liquidity. Orders will then be processed normally. Bitstamp can enable card purchase for newly-released trading pairs.
ADA Is Struggling On The Market
Cardano’s (ADA) performance has been significantly lower than its market peers over the past weeks. However, this does not negate the fact that Cardano (ADA) has performed very well over the past year. ADA had traded at $0.20 per year at the start, but has seen a dramatic rise in trading to over $3 per year. Investors have enjoyed huge gains.
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The asset has fallen to $2. However, Bitstamp listing could provide some positive momentum for ADA.
Featured image taken from Investing.com. Chart from TradingView.com.