Binance Lists ADA And LINK Leveraged Tokens Following Altcoin Price Rally

Changpeng Zhao-led cryptocurrency exchange, Binance lists Cardano [ADA], and Chainlink [LINK]  leveraged tokens as the price of both these altcoins continue to soar.

Altcoins Take Over The Crypto-Verse

Malta-based cryptocurrency exchange, Binance has been celebrating its three year anniversary. While the platform’s ‘Off The Charts” virtual conference has been going on in full swing, it hasn’t compromised on its developments/upgrades. The exchange has continued to add support to various coins, however, lately, the focus of almost every exchange has shifted to lesser-known altcoins.

For the last two weeks, the entire crypto-verse had eyes on the altcoin market. Almost every altcoin recorded significant gains. Apart from this, certain altcoins received support from numerous cryptocurrency exchanges. Chainlink [LINK] was undoubtedly one of the best performing altcoins over the last two weeks. LINK was welcomed into several exchanges. As the Cardano network gears up for the Shelley rollout, the price of the coin has been surging without any barriers.

Binance took a leap and extended support for LINK and ADA leveraged tokens. The exchange announced the same via Twitter. The tweet read,

#Binance Will List #ADAUP, #ADADOWN, #LINKUP and #LINKDOWN Leveraged Tokenshttps://t.co/G9SqelXAnM pic.twitter.com/V3SY9WJOMO

— Binance (@binance) July 15, 2020

Binance’s blog post elaborated on the listing and suggested that the exchange would add support for LINKDOWN, LINKUP, ADADOWN, and ADAUP, Binance leveraged tokens. ADAUP and LINKUP would permit users to generate leveraged gains after the price of the respective coins observes a surge. ADADOWN and LINKDOWN on the other hand would enable users to produce leveraged gains the price of the respective coins slump.

These tokens would be paired against the largest stablecoin in the crypto-verse, Tether [USDT].  Furthermore, users will be able to make use of the listed token starting from 16 July 2020 post 8:00 AM [UTC].

All Eyes On Chainlink [LINK]

Both Chainlink [LINK] and Cardano [ADA] have been outperforming many prominent altcoins of the crypto sphere. Over the last seven days, LINK alone had garnered a whopping 40.2 percent increase in its price. At the time of writing, the coin was trading at $8.02 with a 9.6 percent surge in the last 24-hours. LINK’s latest price movement has further led to speculations of the coin breaching its all-time high of $8.22.

Apart from its price, the coin also surpassed coins like Litecoin and Binance coin in terms of market cap and currently stands as the eighth largest cryptocurrency.