Unexpected Altcoin Explodes 60% Daily Following Binance Support: Details

Summary

• 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 supported cryptocurrencies.

The Binance Effect

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

“The maximum financing rate of the mentioned perpetual contract at the time of The release is +2.00% / -2.00%. “The financing fee settlement frequency is every four hours,” the announcement reads.

The option supports multi-asset mode, allowing users to trade the perpetual contract on multiple margin assets.

“For example, when Multi-Asset Mode is activated, users can use BTC as margin when trading the perpetual contract mentioned above,” the company clarified.

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

Syscoin (SYS) price reacted positively to the exchange’s revelation, increasing by more than 60% on a 24-hour scale. At the moment, It is trading at almost $0.17 (according to CoinGecko data), which represents the highest level since early June.

Cryptocurrencies often experience substantial price increases when they receive support from a major exchange like Binance. The measure leads to greater credibility, greater liquidity and an improvement investor sentiment and other benefits.

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

More support for this popular meme coin

Binance has recently implemented numerous modifications to its platform. One of its latest is The addition of BONK/BRL and NOT/EUR trading pairs on Binance Spot.

The company officially list The Bonk Inu (BONK) meme coin was launched in mid-December last year, and the following trading pairs were added: BONK/USDT, BONK/FDUSD, and BONK/TRY. In March, including BONK/USDC to that list.

The meme coin’s price remained relatively stable following Binance’s latest support. On the other hand, it shot up substantially when the exchange initially adopted it.