Discover the Latest Performances of Cryptocurrencies on Binance
Explore how various cryptocurrencies have experienced significant price movements after being supported by Binance, the world’s largest crypto exchange platform. Learn how tokens like Transchess (CHESS), Toncoin (TON), and Syscoin (SYS) have seen notable changes in their valuations following backing from Binance.
The Surprising Success of Transchess (CHESS)
Recently, Binance added the CHESS/USDT perpetual contract to its trading options on Binance Futures, offering users up to 75x leverage and supporting the innovative “multi-assets mode.” This addition led to a remarkable 35% increase in the value of CHESS.
- Perpetual contracts allow traders to speculate on cryptocurrency prices without owning the assets, offering high return potential but increased risk.
- Cryptocurrencies often experience price surges after receiving support from major exchanges like Binance, due to enhanced liquidity, visibility, and credibility.
- Transchess (CHESS) reached $0.22, its highest level in four months, following Binance’s backing.
The Binance Effect: Past Success Stories
In the previous month, Binance introduced Toncoin (TON) trading pairs, such as TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY, resulting in a 10% price increase for TON, reaching $6.40. However, the price fluctuated due to external factors like the arrest of Telegram’s CEO.
Similarly, Syscoin (SYS) witnessed a significant price surge of 60% after Binance supported the SYS/USDT perpetual contract, allowing up to 50x leverage. Despite the initial increase, the asset’s value dropped by 45% and currently stands at around $0.11.
Hot Take: Stay Informed on Cryptocurrency Performance
Keep track of the market movements and valuation changes of various cryptocurrencies, especially those supported by major exchanges like Binance. Understanding these fluctuations can help you make informed decisions when trading digital assets.
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