Cryptocurrency exchange Bybit is launching perpetual contracts for several top cryptocurrencies, including blockchain ecosystem, Cardano.
Bybit Ramps Up Leverage
Bybit, one of the cryptocurrency market’s largest exchanges, earlier announced it is launching perpetual contracts for three of the largest cryptocurrencies in the space. These include Cardano (ADA), Uniswap (UNI), and Polkadot (DOT), all three of which are in the top 10 cryptocurrencies by market capitalization.
The contracts come with up to 25x leverage, the highest multiplier the exchange offers for such contracts.
Whilst the news didn’t have any immediate significant effect on the price of ADA, UNI, or DOT, token-holders will hope that the significant leverage option will continue to fuel recent momentum.
Indeed, the past two days saw Cardano in particular jump over 45%, from $1 just 2 days ago to a height of $1.47. The increased leverage might tempt more crypto-traders to get in on the action.
Product Offering Spree for CEXs
In fact, several centralized exchanges (CEXs) are seemingly ramping up their product development in response to increased demand for cryptocurrencies.
Last week, Wirex, an exchange that also offers banking facilities, announced it was launching cryptocurrency cards in the United Kingdom (UK).
Indeed, the move came several years after Wirex first entered the UK cryptocurrency market and directly responded to user interest, according to the exchange.
Furthermore, the largest exchange by volume, Binance, unveiled a payments system that will compete with the likes of PayPal earlier this year. The launch added to the already rapidly expanding “Binance Universe.” The universe features a card, financial products, and a portfolio of trading options.
Market Eyes New Heights
Accordingly, the surge in demand is pushing crypto-prices to new heights. Bitcoin (BTC) is hovering just under the $60,000 mark at the time of publication. This after following a rise to $62,000 just days ago.
The wider cryptocurrency market has a total capitalization of just under $1.9 trillion. Many investors expect it to cross the $2 trillion mark soon.
Finally, institutions such as Grayscale Investments continue to purchase as much BTC as possible. But, the crypto-supply crisis on exchanges continues to deepen.
Miners aren’t selling. Long-term holder addresses continue to grow in size. Both are a recipe for only one thing: inflation. Cryptocurrencies such as ADA will continue to benefit.