On February 27, Binance announced that it will support Cardano’s network update and hard fork. On March 1, the exchange announced that it would suspend the deposit and withdrawal of the coin on its website for 5 hours.
The suspension, however, will have no impact on trading and no new tokens will be produced, according to the exchange. It also claimed that once the upgrade is complete and considered secure, it will reopen deposits and withdrawals. The exchange confirmed that no further information about the suspension would be published.
ADA surpasses the ATH prior to Binance’s assistance.
The update seems to have arrived just in time, as ADA also reached a new high this week. Cardano’s market capitalization hit a new peak of $43.8 billion during the rally. According to Coinmarketcap, Cardano has increased by 24.32 percent in the last 24 hours and is currently trading at 1.39 USD.
Cardano is currently the third-largest cryptocurrency in terms of market capitalization. To switch to the third spot, the coin has flipped USDT and BNB. The coin’s monthly transaction amount has also exceeded Ethereum’s.
Cardano also plans to work on a variety of other initiatives in order to extend its scope. The team announced the introduction of Glow, a programming language, on its platform on February 26. Developers will be able to add more features to the platform and create more apps as a result of the initiative.
Cardano’s network upgrade would put it ahead of the pack in the DeFi room. ADA will, without a doubt, become more attractive.