Little-Known Cryptocurrency Spikes Over 25% As Binance Adds Its Perpetual Contracts

Binance announced the addition of THETA/USDT token perpetual contracts on Monday.
THETA responded by skyrocketing over 25% in a day in a largely uneventful market.

The cryptocurrency market is currently stagnating with the top coins in a one percent variance for the past 24 hours. However, one little-known token, THETA token, spiked in the early morning hours on Tuesday registering a 25.6% increase in a day as Binance crypto exchange launched trading of its USDT settled perp contracts.

THETA is a blockchain-based decentralized peer to peer video sharing platform

Binance Launches THETA/USDT Perpetual Contracts

An official publication on the Binance blog confirmed the addition of THETA perpetual contracts in its ever-growing list of futures contracts. The long and short contracts will be settled in Tether’s USDT stablecoin with traders offered up to 50X leverage on their investment. Remember, high leverage increases the risk of having your position liquidated.

#Binance Futures Will Launch @Theta_Network $THETA/USDT Perpetual Contract With Up to 50x Leveragehttps://t.co/dBGxJqCwfo pic.twitter.com/2KPD2DeuI2

— Binance (@binance) May 26, 2020

Trading on the contracts will open on Wednesday, May 27^th 2020 at 08:00 AM (UTC). Despite the top coins such as BTC and ETH currently struggling to break into higher resistance levels, this announcement may have aroused the bulls on THETA’s tokens as the coin boosted over 25% in the past 24 hours.

THETA Token Gains Over 25% In A Day As Mainnet 2.0 In Wait

The excitement of traders in the coin is undisputedly catalyzed by Binance’s recent news. However, the upcoming THETA mainnet 2.0 launch in less than 20 hours has attracted bulls to the token.

The bullish momentum may be set for an extension in the coming days as the platform awaits its second mainnet launch that will introduce Guardian Nodes, a two-layer consensus mechanism optimized for video delivery. The decentralized YouTube platform aims to improve the current challenges in the video sharing and streaming services by incentivizing users and creators, reducing cost in the industry, and improving the overall quality of videos.

1-week chart of THETA token price performance (Image: Coinmarketcap)

Currently, THETA trades at $0.432368, representing a 26.4% increase in the past 24 hours from lows of $0.19 USD a week ago.

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Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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