The price of Cardano (ADA) has struggled hard since it reached its all-time high of $3.10 in 2021. Even now, even with the recovery in the crypto market, ADA has not made as many gains as others in the market with indicators pointing to a massive downturn. for digital assets. However, a new development could lead to a correction in the price of CA Cardano.
FTX plans to list ADA
FTX is one of the largest crypto exchanges yet to list Cardano. Obviously, this has not gone down well with members of the community, who have continued to inquire why the exchange has not yet listed the digital asset for trading.
One such investigation was recently targeted at FTX CEO Sam Bankman-Fried (SBF), who offered an explanation as to why. Tweet Asked why the exchange was listing lesser-known tokens for trading and yet continued to pass ADA, which is currently the top 10 cryptocurrency by market cap.
The SBF’s response to this was that the crypto exchange was actually working on adding Cardano to trading. However, they called blockchain “new”, so they were still working on integrating it into the platform in the near future.
Working on ADA! This is a new blockchain which takes some time to implement but we will get there soon
— SBF (@SBF_FTX) 2 November 2022
FTX CEO Ahead clarified He didn’t mean that the blockchain was really “new”, but he meant that it was “new” because it wasn’t on the platform yet.
Why this is good for Cardano
As for any cryptocurrency, listing on an exchange can drive the price of a digital asset. For Cardano, this is no different as listing on FTX will bring in more liquidity and thus, increase in price due to promotions such as listing.
ADA price trending at $0.39 | Source: ADAUSD on TradingView.com
If the FTX crypto exchange, lives up to its promise and lists the digital asset soon, it is possible that ADA could rally in line with the rest of the market. This will definitely keep it above the $0.4 level while registering support.
The bull case for Cardano is shared by investors in the asset. According to the price estimate feature of Coinmarketcap, investors expect the price of the cryptocurrency to reach $0.5 before the end of November. The listing on FTX will certainly help consolidate this bull market for the digital asset.
At the time of writing this, ADA is currently trading at $0.39. It remains the ninth largest cryptocurrency with a market cap of $13.7 billion.
Featured image from Crypto News, chart from TradingView.com
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