Unexpected Altcoin Explodes 60% Daily After Binance Support: Details

TL;DR

Syscoin (SYS) surged over 60% after Binance listed the SYS/USDT perpetual contract. The addition of new trading pairs to the platform often results in significant price increases for the supported cryptocurrencies. The Binance Effect

The world’s largest cryptocurrency exchange expanded the list of options offered on Binance Futures to “improve users’ trading experience.” The new option includes the SYS/USDT perpetual contract, which allows a maximum leverage of up to 50x.

“The maximum financing rate of the aforementioned perpetual contract at the time of launch is +2.00% / -2.00%. Funding fee settlement frequency is every four hours,” the ad says.

The option supports multi-asset mode, which allows users to trade the perpetual contract with multiple margin assets.

“For example, when multi-asset mode is enabled, users can use BTC as margin when trading the aforementioned perpetual contract,” the company clarified.

Binance warned that it may adjust the specifications of the new included trading option “from time to time,” including its funding fee, tick size, maximum leverage, initial margin and maintenance margin requirements.

The price of Syscoin (SYS) reacted positively to the exchange’s disclosure, rising more than 60% on a 24-hour scale. It is currently trading at almost $0.17 (according to data from CoinGecko), which represents the highest level since early June.

SYS price, Source: CoinGecko

Cryptocurrencies often experience substantial price spikes in the event of support from a major exchange like Binance. The move increases credibility, increases liquidity, improves investor sentiment and other benefits.

Earlier this month, the company listed Toncoin (TON), introducing the trading pairs TON/BTC, TON/USDT, TON/FDUSD and TON/TRY. The price of the altcoin rose more than 10% after the announcement.

More support for this popular meme currency

Binance has recently applied numerous amendments to its platform. One of their latest is the addition of BONK/BRL and NOT/EUR trading pairs to Binance Spot.

The company officially listed the meme coin Bonk Inu (BONK) in mid-December last year, adding the following trading pairs: BONK/USDT, BONK/FDUSD and BONK/TRY. In March, he included BONK/USDC in this list.

The price of the meme coin remained relatively flat after the most recent support from Binance. On the other hand, it increased substantially when the exchange initially accepted it.

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