Starting today, the Binance Futures platform is launching another perpetual contract with Litecoin. This time, Litecoin (LTC) is being paired with USDT making it the sixth perpetual contract on the platform.
Binance Futures Litecoin Contract
According to an official announcement from Binance, the LTC/USDT perpetual contract opened trading today at 8:00 AM (UTC). The recent announcement has a few similarities with previous ones. For example, just like the previous offerings, users are allowed to select leverage up to 75x.
The platform also announced that in an effort to prevent manipulation Binance futures Litecoin contracts will have a ±1% pricing limit. This limit, however, is only for the first 15 minutes.
As earlier mentioned, the LTC/USDT perpetual contract is the sixth one being launched on Binance Futures. The others, which are still available on the platform, are the BTC/USDT, ETH/USDT, BCH/USDT, XRP/USDT, and EOS/USDT contracts.
Just before the announcement, LTC began an interesting rally. Its 24-hour analysis at the time showed that it was the best performer, of the top 10 assets by market cap. LTC surged almost 25% on the week as it moved from January 3’s $39 to yesterday’s $48. On the day alone, it pulled in 6% as well. In comparison, Bitcoin (BTC), the largest asset by market cap, had done 5%. Other top performers in the category are just around 3%.
However, after the announcement, Litecoin was mostly unaffected and didn’t really sway in any direction in response.
Litecoin has had it rough in the last few months. The asset’s halving happened in August, with block rewards dropping from 25 LTC to 12.5 LTC. However, even with the halving, LTC plummeted to record lows last year. Regardless, analysts believe LTC is set for a bullish breakout. It would not be surprising to see buy signals flashing sometime soon.
There is, however, a strong resistance for the asset somewhere in the $48.50 level. LTC has dropped and is currently trading just a little above $45. If it can begin its rally again, it could likely break the resistance level. If it does, new ones have been set at $53 through $57.7 and $64.
Just yesterday, the Binance Futures platform launched its fifth perpetual contract, pairing EOS with Tether’s USDT. It also launched with an announcement that includes a 75x leverage for interested users. In addition, a ±1% pricing limit on the mark price, but for the first 30 minutes of trading.
Binance Futures is on a roll as just three days ago, the XRP/USDT contract was also revealed. It announced a 75x leverage as well but did not announce any pricing limit. So far, Binance is the first major platform to offer XRP futures contracts.
Binance Futures went live back in September 2019. It began with tests for potential platforms open to the public and has been quite successful since then.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.