In a move to expand its range of offerings and enhance the trading experience for its users, Binance has on December 23rd announced the launch of the HIVE Perpetual Contract on Binance Futures.
The new trading option is set to go live on December 23, 2024, providing traders with the opportunity to leverage up to 75x.
HIVE’s Price Action
This contract will allow users to speculate on the price of the HIVE token, which is currently priced at $0.3721, with a notable more than 9% price increase. The global market cap for HIVE now stands at $182.62 million, reflecting strong investor interest.
The addition of the HIVE perpetual contract on Binance Futures is a significant step in the platform’s efforts to offer a wider range of trading pairs. Binance’s Futures market already hosts a variety of perpetual contracts, allowing traders to gain exposure to different digital assets with high leverage.
The HIVE contract will follow the same structure, with funding fees settled every four hours. The maximum funding rate at launch is set at +2.00% / -2.00%, although Binance may adjust these specifications depending on market conditions.
One of the key features of this new offering is Binance’s Multi-Assets Mode, which allows users to trade the HIVE perpetual contract across multiple margin assets. For instance, traders can use Bitcoin as a margin to trade the contract, subject to applicable haircuts.
This flexibility provides a unique advantage, especially for traders who wish to leverage their existing crypto holdings without needing to convert into USDT.
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The listing of HIVE is not just a reflection of Binance’s commitment to providing a diverse range of assets, but also a demonstration of the Binance listing effect. In the 24 hours following the announcement, HIVE’s trading volume surged by a remarkable 143%. This spike in trading activity underscores the influence that being listed on Binance can have on a cryptocurrency’s market performance.
About HIVE Blockchain
The HIVE token is part of Hive, an open-source blockchain platform designed to support dApps, social networks, gaming platforms, and other blockchain-powered solutions. Hive offers scalability and speed, making it an appealing choice for developers seeking efficient solutions for their decentralized projects.
Hive also prides itself on its environmental sustainability, with a strong focus on its ESG (Environmental, Social, and Governance) strategy. The platform has committed to using 100% green energy for its Bitcoin and Ethereum mining operations, further solidifying its commitment to sustainable practices.
In addition to its environmental focus, Hive Blockchain Technology stands out as the first publicly traded crypto miner. This move bridges the gap between the cryptocurrency industry and traditional capital markets, allowing investors to gain exposure to the growth of blockchain technology in a traditional investment format.
Hive’s innovative HODL (Hold On for Dear Life) strategy has proven successful in providing long-term value for shareholders, positioning the company as a key player in the evolving blockchain landscape.
With its combination of innovative blockchain technology, sustainable mining practices, and strong market performance, Hive appears poised for continued growth.
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