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Binance Listing This Altcoin Resulted in Major Gains: It’s Not ASTER

TL;DR

  • A lesser-known cryptocurrency printed a large inexperienced candle after receiving help from among the trade’s giants.
  • DEEP and AVNT are different altcoins which have beforehand jumped as a result of identical cause.

The Impressive Pump

FLUID – the cryptocurrency of the DeFi protocol Fluid – registered a staggering 55% value enhance during the last 24 hours. It briefly soared to $8.60, the very best level because the finish of 2024, earlier than barely retracing to the present $8.20 (in response to CoinGecko’s knowledge). Meanwhile, its market capitalization hit a report of greater than $650 million.

FLUID Price
FLUID Price, Source: CoinGecko

The main catalyst behind the rally appears to be the help from among the greatest crypto exchanges. Earlier immediately (September 24), Binance launched the FLUID/USDT perpetual contract with as much as 75x leverage. 

The product has no expiry date and permits customers to invest on the value of the asset with borrowed cash with out proudly owning it. The contract could have the “multi-assets mode” activated, which permits folks to make use of different cryptocurrencies in the buying and selling course of.

“Multi-Assets Mode permits customers to commerce the aforementioned perpetual contract(s) throughout a number of margin property, topic to the relevant haircuts. For instance, when the Multi-Assets Mode is activated, customers can use BTC as margin when buying and selling the aforementioned perpetual contract(s),” Binance defined.

The main South Korean cryptocurrency change, Upbit, additionally hopped on the bandwagon. It listed the FLUID/KRW, FLUID/BTC, and FLUID/USDT buying and selling pairs, clarifying that it’s going to help solely deposits and withdrawals by way of the Ethereum community. 

Backing from these platforms will increase the liquidity, availability, and visibility of the concerned asset and in addition boosts its popularity. After all, Binance serves greater than 280 million customers, whereas Upbit has round 10 million purchasers. 

Previous Similar Cases

Earlier this yr, DeepBook (DEEP) additionally witnessed a double-digit value enhance following help from Binance and Upbit. 

Such was the case with Avantis (AVNT), which exploded by 50%. Last week, the largest crypto change listed the token with a seed tag, launching the AVNT/USDT, AVNT/USDC, and AVNT/TRY spot buying and selling pairs and added it to its Binance Simple Earn, “Buy Crypto,” Binance Convert, and Binance Margin applications.

For its half, Upbit launched the AVNT/KRW, AVNT/BTC, and AVNT/USDT buying and selling pairs.

The publish Binance Listing This Altcoin Resulted in Major Gains: It’s Not ASTER appeared first on CryptoPotato.

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