Bitcoin Reliance Breakaway: Bittrex Launching Cardano (ADA) and Zcash (ZEC) Fiat Pairs
Leading cryptocurrency exchange Bittrex is launching two new trading pairs, expanding its ecosystem of altcoins that are paired with US dollars. On September 5, Cardano (ADA) and Zcash (ZEC) will both be paired with USD, allowing traders to deposit fiat into their Bittrex accounts and purchase ADA and ZEC directly.
Currently, Bittrex customers need to deposit fiat into their accounts, buy a gateway coin, such as Bitcoin (BTC), and then purchase the vast majority of altcoins that are listed on the exchange. This is the case for numerous exchanges that list altcoins in addition to Bitcoin, where BTC-ADA and BTC-ZEC are common trading pairs.
The vast number of BTC pairings has historically created a huge reliance on Bitcoin for anyone wanting to enter the cryptocurrency market. That reliance is often seen as a deterrent for some traders and investors who are exclusively interested in altcoins. With no other way to buy altcoins, investors are often forced to purchase, hold and trade Bitcoin, even though they want no exposure to its volatility.
We’re rolling out more USD pairs. On Sep 5 we’re launching US dollar (USD) markets for Cardano (ADA) and Zcash (ZEC). Eligible #Bittrex accounts created before August are already enabled for USD trading. New user or want to deposit/withdraw USD? Details: https://t.co/KA248OA2Bz pic.twitter.com/pzCry5OdTr
— Bittrex (@BittrexExchange) August 29, 2018
Fiat trading is currently only available for Bittrex customers who operate outside the US or in the following states: NY, WA, CA, AZ, NM, MT, or corporate customers operating in PA. The platform is rolling out USD trading pairs in a phased approach. It introduced USD pairs for Ethereum Classic and XRP on August 20.
Current List of USD Trading Pairs on Bittrex as of September 5
The Seattle-based exchange ranks as the 37th largest cryptocurrency exchange by volume over the past 24 hours, according to CoinGecko
Despite the changing face of Bitcoin reliance, which is steadily decreasing as major exchanges such as Binance offer more fiat pairs, Bitcoin dominance has remained. It currently stands at 51.9%, with Ethereum at 12.6% and Bitcoin Cash at 4.11%, according to data by CoinGecko.