TL;DR
- FLOCK and SKY posted strong gains in the past 24 hours after receiving support from Binance.
- The former performed much better, likely fueled by additional backing from Coinbase and Upbit.
Green Candles After the Updates
The world’s largest cryptocurrency exchange expanded the list of trading choices on its futures program to enhance users’ experience. Specifically, it launched the FLOCK/USDT and SKY/USDT perpetual contracts with up to 75x leverage.
Unlike traditional futures, perpetual contracts have no expiry date and offer the potential for substantial gains. At the same time, they carry a high risk of liquidation if the market moves against the trader’s position. Both products will support the multi-assets mode, meaning that traders can use other cryptocurrencies like BTC as margin when dealing with the contracts.
Somewhat expected, the prices of the involved coins headed north after the disclosure. FLOCK (FLOCK) skyrocketed to a new all-time high of $0.66 before retracing to the current $0.41 (per CoinGecko’s data), representing a 55% increase on a daily scale.
Sky (SKY) posted a more modest increase of around 7% and as of this writing trades at approximately $0.07. The latest gains solidified its position among the top 100 cryptocurrencies as its current market capitalization stands at over $1.7 billion.
The Perfect Setup for FLOCK
It is important to note that Binance isn’t the only crypto exchange showing the thumbs up for FLOCK аs of late, which may explain why the token has posted more substantial gains than SKY.
Earlier this week, Coinbase added support for the asset on the Base network. It explained that trading will begin today “if liquidity conditions are met.” For its part, Upbit – South Korea’s biggest crypto exchange – announced the listing of the FLOCK/KRW pair. It will allow only deposits via the Base network, warning that large transactions from unclear sources may require proof of funds.
Backing from Binance and the other behemoths increases the asset’s liquidity, boosts its global availability and visibility, and has a positive effect on its reputation.
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