Binance’s support for VeThor Token (VTHO) pushed its price up to an unbelievable 300%. Furthermore, the trading volume surged to a breathtaking 86,000% to $3 billion.
This illustrates the strong influence that large cryptocurrency exchanges hold over market psychology and how optimally news can spur trading.
Also, the non-gas tokens add to the excitement surrounding the token as VTHO is the gas token for the VeChainThor ecosystem.
VTHO Price Surge After Binance Announces Listing of Perpetual Contract
Binance revealed that they will list the VTHOUSDT perpetual contract on January 22, offering 75x leverage. This news attracted the attention of many traders, which increased the trading volume of VTHO significantly.
As gas for transactions, VTHO is the utility token of VeChainThor ecosystem. The new listing adds Binance’s support for VeChainThor.
With this addition traders are now able to open and maintain positions with 75x leverage. The funding rate for this contract is also capped at +2.00% / -2.00%. Like many other contracts, funding fees are settled every 4 hours.
Traders can now open and maintain positions on VTHO with up to 75x leverage. This will draw more focus towards the VeThor Token, allowing traders to further capitalize on the price movements of VTHO. This decision made by Binance exhibits it’s confidence in VTHO’s prospects.
Binance’s Multi-Assets Mode and Trading Rules
The Multi-Assets Mode of Binance enables the users to trade VeThor token perpetual contracts on multiple margin assets.
Such a feature permits traders to provide other available cryptocurrencies such as BTC as collateral when trading VTHO contracts.
Multi-Assets Mode allows users to widen the scope of their margin, hence making trading more efficient and flexible.
Not long ago, Binance added support for TRUMP and some other tokens, which has instilled positivity for future price movements.
The features of Multi-Assets Mode have incorporated hedged usage of the collateral provided by the user to safeguard the assets.
This mode is useful for people who own a lot of different cryptocurrencies and want to use them for margin trading under high leverage.
VeChain and VTHO Price Surge
According to recent reports, the blockchain supporting VTHO, VeChain (VET), has managed to record a significant 11% increase over the past day.
At present, the trading value for VET is $0.05 during which its market cap has grown to $4.06 billion. VeChain has gained adoption by big companies like Walmart China and BMW, which explains this increase.
VTHO price today jumped 320% and exchanged hands at $0.0087, indicating a growing interest in the VeChainThor ecosystem. VeChain’s VTHO has a market capitalization of $744 million and with rising trading volume of $3.11 billion
This was an increase of 86000%. As innovation in the blockchain field continues to grow, VTHO along with VeChains supply chain solutions will continue to outperform expectations.
