Cardano (ADA) and Litecoin (LTC) have recently been making waves in the cryptocurrency market. The world’s largest cryptocurrency exchange, Binance announced that it would be adding ADA and LTC trading pairs against the TUSD stablecoin. This move is set to not only benefit the exchange but also the two cryptocurrencies, as both ADA and LTC prices are picking up momentum due to positive developments.
As of May 31st, 08:00 UTC, traders can start trading ADA/TUSD and LTC/TUSD on Binance as spot and margin trading pairs. Despite the addition of these trading pairs, the start time for ADA/TUSD and LTC/TUSD margin trading pairs is yet to be announced. Furthermore, Binance is offering zero maker fees for both spot and margin trading pairs until further notice, in an effort to increase liquidity on the exchange and attract more traders.
This move by Binance to increase liquidity is especially significant, as ADA and LTC prices have been on the rise lately. ADA has been experiencing whale accumulation and the number of addresses holding the cryptocurrency has been rising throughout the month. The ADA price is currently trading at $0.38, which is a nearly 1% increase in the last 24 hours. Cardano-based meme coins SNEK and BANK have also taken off, rallying 35% over the last 24 hours.
On the other hand, Litecoin’s upward momentum has been associated with its halving event, set to occur on August 2nd at 22:31:57 UTC. The event will see the LTC block reward decrease from 12.5 coins per block to 6.25 coins per block. LTC price is looking to break above a key support level, currently trading at $92.01 and making a 24-hour low and high of $90.41 and $92.04, respectively. Litecoin creator Charlie Lee believes that LTC could rally to $250.
While these developments make for an optimistic scenario, there are still potential risks associated with both the ADA and LTC price surges. As is the case with any investment, market research is essential to avoid potential financial losses. Though the Binance move may attract more traders and contribute to price growth, long-term performance will ultimately depend on the health of the wider cryptocurrency market.
In conclusion, the addition of ADA and LTC as trading pairs against the TUSD stablecoin on Binance is a positive development for both cryptocurrencies. Binance’s zero maker fees offer for both spot and margin trading pairs will likely drive liquidity and attract traders. Both Cardano and Litecoin prices are showing promising momentum, but as with any investment, proper market research and caution are advised.
Source: Coingape
