An Ethereum Competitor Surges as Exchanges Launch Futures Contracts
An Ethereum competitor called Ark (ARK) has experienced a significant surge of over 61% this week. The surge comes after several exchanges introduced perpetual futures contracts for Ark’s native token.
About Ark
Ark is an open-source, typescript-based, layer-1 blockchain protocol designed to be simple and efficient.
The Rise of Ark
Ark’s native token is currently trading at around $0.607, which is an increase from $0.375 one week ago. Additionally, the crypto asset, ranked 219th by market cap, has seen an almost 11% increase in the past 24 hours.
The surge in Ark’s price can be attributed to the launch of ARK perpetual contracts on three major exchanges. Binance, the world’s largest crypto exchange, introduced the ARK/USDT perpetual contract with up to 10x leverage. Deepcoin and KuCoin, both based in Seychelles, also launched their own ARK/USDT perpetual contracts.
Risk Factors and All-Time High
It is important to note that futures trading carries significant risks, including the potential for substantial gains or losses. These contracts allow users to enter positions larger than their account balance and do not have an expiration date.
Despite the recent price gains, ARK is still down by 94% from its all-time high of $10.22, which was reached in January 2018.
Hot Take: A Promising Surge for Ark Amid New Futures Contracts
The introduction of perpetual futures contracts on major exchanges has resulted in a significant surge for Ark. While this low-cap Ethereum competitor still has a long way to go to reach its all-time high, the recent price increase indicates growing interest in the project. However, it’s important to approach futures trading with caution due to its inherent risks. As Ark continues to make waves in the crypto market, it will be interesting to see if it can maintain its momentum and attract further attention from investors.
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