Syscoin (SYS) has experienced a dramatic price surge of over 78%, driven by the introduction of SYSUSDT futures trading on Binance.
With up to 50x leverage on the newly introduced futures trading on the world’s largest crypto exchange by trading volume, the market has responded swiftly, leading to significant gains in both Syscoin price and trading volume.
Syscoin futures trading begins on Binance
On August 19, 2024, Binance announced the launch of the USD-Margined SYS Perpetual Contract, which allows traders to engage in futures trading with leverage of up to 50x.
The perpetual contract, settled in USDT, has a tick size of 0.0001 and a capped funding rate of ±2.00%, with settlement occurring every four hours. Trading is available 24/7, and the contract supports Multi-Assets Mode, enabling users to trade SYS using various margin assets, including BTC.
This announcement represents a significant development for Syscoin, which currently ranks 286th in market cap.
The new futures trading option provides traders with increased flexibility and potential for profit but also introduces heightened risk due to the high leverage involved.
Binance’s decision to include Syscoin in its futures trading platform comes after a period of recovery and strategic adjustments following a turbulent phase in November 2023, when the exchange faced legal challenges and a leadership change.
SYS price surge
Following the announcement, Syscoin’s price surged from around $0.11 to $0.1598, reflecting a 78.74% increase in matter of minutes. The market cap also soared to $122.8 million, while the 24-hour trading volume jumped by 343%, reaching $91.9 million.
Although the price had slightly pulled back to around $0.1474, the sharp rise in both price and volume underscores the market’s positive reception of Binance’s move to introduce Syscoin futures trading.
Syscoin’s all-time high of $1.31, recorded on January 2, 2022, remains a distant target, but the recent surge has reignited interest in the asset.
The futures trading option is expected to sustain this momentum, as traders explore the potential of leveraging Syscoin’s price movements. With 792,569,633 SYS in circulation and no maximum supply cap, the asset’s future performance will likely be influenced by ongoing market dynamics and further developments in its trading environment.
Binance’s strategic decision to launch Syscoin futures trading reflects the exchange’s ongoing efforts to diversify its offerings and cater to the evolving needs of its users.
As Syscoin continues to gain traction, the cryptocurrency market will be closely watching its performance, particularly in light of the increased trading opportunities now available on Binance.
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