Binance has announced the introduction of the HIVE Perpetual Contract on Binance Futures. This new trading option, which kicks off today (Dec. 23, 2024), will provide users with a better trading experience. Traders will have an opportunity to gain up to 75x via this option.
The exchange stated that the HIVE/USDT contract will support multi-asset mode, which will allow Binance to use other cryptocurrencies. For example, a user can use Bitcoin (BTC) as a margin with an active Multi-Asset Mode when trading this perpetual contract.
Further, the exchange clarified that the maximum funding rate for the perpetual contract will be capped at +2.00% / -2.00%. Settlement of the funding fee will take place every four hours.
HIVE Price Analysis
With the new addition of the HIVE Perpetual Contract on Binance, the coin could experience more retail and institutional interest. The coin briefly surged to $0.4085, smashing past the resistance level of $0.3605.
According to Coinmarketcap, the HIVE token is trading at $0.3625 as of this writing. Trading volume for the coin stood at $683.19 million in the last 24 hours, marking an 11.04% increase in the same period. HIVE also has a total market cap of $181.28 million, which indicates heightened interest from investors.
The introduction of the HIVE/USDT pair on Binance Futures indicates the platform’s efforts to provide its users with more trading pairs. The platform already has other perpetual trading pairs that give users an opportunity to enjoy high leverage on different digital assets.
Understanding the Hive Blockchain
The Hive Blockchain is an open-source blockchain that supports gaming platforms, decentralized applications (dApps), social networks, and other decentralized solutions. Through the blockchain’s native token (HIVE), this platform ensures its users enjoy speed and scalability. These features make the platform attractive to developers seeking to create decentralized projects on an efficient blockchain.
Hive also boasts its sustainability. For instance, the platform fosters environmental sustainability through its Environmental, Social, and Governance (ESG) strategy. It uses 100% green energy for Ethereum and Bitcoin mining amid concerns over the activity’s environmental impact.
Hive also has a HODL strategy that has been quite successful. It provides long-term value to shareholders and positions the platform for immense growth.
Impact of Binance Listing
Binance’s move to list HIVE speaks volumes about the exchange’s commitment to providing users with diverse trading options. It also depicts how listing on the exchange impacts the market. Upon the announcement, Hive’s trading volume rose by 143%, indicating remarkable trading activity.
Binance listings have previously had a significant market impact. As covered in an earlier post, investors have been making huge profits by just watching out for new Binance listings.
