Binance, earlier today, announced that it would be supporting the network upgrade and hard fork of Cardano on March 1. This would result in the temporary suspension of ADA deposits and withdrawals on the leading crypto exchange platform for 5 hours on that day.
According to the announcement, trading activities would not be affected by the suspension and Cardano would not be minting new tokens either. Binance went on to add that its network would reopen its services for Cardano immediately the upgrade is finished and the token is deemed to be stable. While adding that no new information would be produced in relation to the resumption of activities.
The new announcement comes just at the right time when the ADA token reached a new all-time high earlier this week. The market cap of the asset also reached a new record as it is now above $40 billion. Currently, the asset currently trades around $1.39 according to data from Coinmarketcap.
Presently, Cardano is now the third-largest cryptocurrency by market cap as it has now flipped Tether and Binance Coin to move to the third position. Its average transaction volume has also surpassed that of the second largest crypto asset by market cap, Ethereum. Notably, the crypto asset is also working on several projects that would make it more attractive to investors and also widen its reach.