{"id":1910,"date":"2024-08-29T09:43:16","date_gmt":"2024-08-29T09:43:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1910"},"modified":"2024-08-29T09:43:16","modified_gmt":"2024-08-29T09:43:16","slug":"unexpected-altcoin-soars-by-35-daily-following-support-from-binance-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1910","title":{"rendered":"Unexpected Altcoin Soars by 35% Daily Following Support From Binance: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Binance launched the CHESS\/USDT perpetual contract, which was followed by a 35% price increase for the involved asset.
\nTokens like Toncoin (TON) and Syscoin (SYS) have also experienced significant price movements following support from the exchange in the past month.<\/p>\n

<\/a><\/span><\/h2>\n

The Surprising Gainer<\/h2>\n

The world\u2019s largest crypto exchange expanded the list of trading choices offered on Binance Futures by <\/span>launching<\/span><\/a> the CHESS\/USDT perpetual contract. The option allows up to 75x leverage and supports the <\/span>so-called<\/span> \u201cmulti-assets mode.\u201d<\/span><\/p>\n

\u201cMulti-assets mode allows users to trade the <\/span>aforementioned CHESS<\/span>\/USDT perpetual contract across multiple margin assets, subject to the applicable haircuts. For example, when the Multi-Assets Mode is activated, users can use BTC as <\/span>margin<\/span> when trading the aforementioned perpetual contract,\u201d the company explained.<\/span><\/p>\n

Perpetual contracts enable traders to speculate on the price of a specific cryptocurrency without actually owning it. They have certain specifications, including no expiration date, meaning users can hold their positions indefinitely. These contracts have the potential for high returns, but they also come with increased risk.<\/span><\/p>\n

Cryptocurrencies often see their prices heading north following support by a major exchange like Binance due to improved liquidity, additional visibility, and increased credibility. Transchess (CHESS) was no exception, with its valuation spiking by 35% <\/span>on a daily scale<\/span>. Earlier today (August 29), it crossed $0.22, the highest level in four months.
\n<\/span><\/p>\n

<\/a>CHESS Price, Source: CoinGecko<\/p>\n

The Binance Effect in the Past<\/span><\/h2>\n

Earlier this month, the exchange embraced Toncoin (TON) by introducing the following trading pairs to users: TON\/BTC, TON\/USDT, TON\/FDUSD, and TON\/TRY. The token\u2019s price reacted positively, <\/span>rising<\/span><\/a> by 10% and reaching $6.40.\u00a0<\/span><\/p>\n

TON continued the uptrend, briefly surpassing $7 in mid-August before tumbling to nearly $5 a few days ago. Its price <\/span>started retreating<\/span><\/a> immediately after Telegram\u2019s founder and CEO, Pavel Durov, was arrested in France. TON recovered some of the losses in the next few days and currently trades at around $5.60 (per CoinGecko\u2019s data).<\/span><\/p>\n

Another altcoin that experienced a substantial uptick after support from Binance is Syscoin (SYS). Its value <\/span>exploded<\/span><\/a> by 60% on August 19 following the firm\u2019s decision to allow the SYS\/USDT perpetual contract, which enables a maximum leverage of up to 50x.<\/span><\/p>\n

However, the rally was short-lived, with the asset plunging by 45% from its local top and currently hovering at approximately $0.11.<\/span><\/p>\n

The post Unexpected Altcoin Soars by 35% Daily Following Support From Binance: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Binance launched the CHESS\/USDT perpetual contract, which was followed by a 35% price increase for the involved asset. Tokens like Toncoin (TON) and Syscoin (SYS) have also experienced significant price movements following support from the exchange in the past month. The Surprising Gainer The world\u2019s largest crypto exchange expanded the list of trading choices […]<\/p>\n","protected":false},"author":0,"featured_media":1911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1910"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1910"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1910\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1911"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}