BIT Exchange plans to meet institutional demand with the launch of Solana options trading, simultaneously expanding its offerings to include XRP and ADA.
BIT Exchange Launches SOL Options Amid Institutional Demand
BIT Exchange, established by Chinese cryptocurrency entrepreneur Jihan Wu, has officially declared its readiness to launch Solana (SOL) options trading in response to a significant uptick in institutional demand. This decision, highly anticipated within the crypto community, aligns with SOL’s recent prominence as a leading blockchain protocol, notably fortifying decentralized financial markets.
In a strategic move to enhance its options trading services for a range of altcoins, including XRP and ADA, BIT Exchange has partnered with Orbit Markets. As a notable institutional liquidity provider for options and structured derivatives in digital assets, Orbit Markets is set to play a key role in facilitating BIT Exchange’s expansion into diverse cryptocurrency offerings.
SOL Options Trading Launch: The Reasons Behind
SOL, the cryptocurrency underpinning the Solana blockchain platform, has recently garnered significant attention in the cryptocurrency landscape, positioning itself as a formidable competitor to Ethereum and securing a spot among the top 7 cryptocurrencies by market capitalization.
Notably, during the 2021 bull market, SOL stood out as a key player in the broader crypto markets, playing a leading role in the ‘Defi Summer’ narrative. Its vision, aligned with Ethereum but with quicker and more cost-effective transactions, drew considerable interest.
The Layer 1 token experienced a noteworthy year-to-date surge, surpassing the 400% milestone. This surge correlates with heightened user activity and increased institutional demand, solidifying SOL’s position as a compelling alternative to Ethereum.
Additionally, SOL is emerging as one of the top 10 fastest-growing chains in terms of Total Value Locked (TVL), witnessing a 100% increase over the past 30 days.
This data underscores the continuous upswing in institutional demand for Solana, establishing the token as a viable Ethereum alternative. In response to this surge, BIT Exchange is addressing the demand by introducing options trading for SOL on its platform.
BIT Exchange Expands Offerings: XRP and ADA Options Trading Updates
Preceding the introduction of SOL options trading on BIT Exchange, the company disclosed its intentions to launch XRP options trading earlier this year, aligning with growing market interests. At present, XRP is experiencing a slight decline of 3.32%, settling at $0.5909.
Despite this minor setback, XRP has surged impressively by 66.03% over the past year, reflecting positive market sentiments and heightened interest surrounding the token.
Simultaneously, the current Cardano price reflects a 4.60% decrease, reaching $0.3704. Nevertheless, ADA witnessed a modest 2.72% increase over the past week, with a marginal uptick of 7.06% in the twenty-four-hour trading volume, which currently stands at $445.40 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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