Key Insights:
- Binance extends support for altcoins like FLUX, MASK, and SUSHI with new USDC trading pairs.
- The exchange’s backing sparks hopes of a potential price rally for the three altcoins.
- FLUX, MASK, and SUSHI prices surged following the announcement, showing a positive market response.
The leading crypto exchange Binance has once again caught the market’s attention, with its recent extended backing for three major altcoins. Notably, the announcement has sparked hopes over a potential rally for the three tokens, which are FLUX, MASK, and SUSHI.
Usually, backing or support from major exchanges often triggers a surge in asset prices. Meanwhile, it’s worth noting that all the three crypto have recorded a price surge following the announcement.
Binance Expands Backing for These 3 Crypto
The top crypto exchange Binance, announced new trading pairs for FLUX, MASK, and SUSHI, sparking market optimism. Notably, the exchange has added new trading opportunities involving USDC for these three tokens.
According to the announcement, FLUX/USDC, MASK/USDC, and SUSHI/USDC will go live on June 17 at 08:00 UTC. The blog noted that this step will “enhance the trading experience” by offering more flexibility in stablecoin-based transactions.
Besides, it revealed that Binance will activate Trading Bots for these pairs simultaneously. These bots include Spot Algo Orders designed to automate buying and selling activities.
The market typically views such support from Binance as a bullish signal. History shows that listings or new pairings on major exchanges often lead to higher demand and price spikes.
Meanwhile, traders appear to have responded quickly, pushing the tokens slightly higher right after the announcement.
Why This Binance Backing Could Send the Prices Higher?
When Binance or other leading exchanges like Coinbase back a token or add new trading pairs, it often changes the asset’s visibility and market appeal. Millions of global users rely on Binance for liquidity and exposure.
Having said that, the inclusion of new USDC pairs increases stability and ease of trading for the selected tokens. This kind of exchange support doesn’t directly help prices.
Rather, it boosts investor confidence and allows investors to use new trading strategies. With the added benefit of Trading Bots, even passive investors can automate their positions based on market conditions.
How Are These Crypto Performing?
Following the Binance announcement, the FLUX token price surged more than 3% and exchanged hands at $0.2093. Its trading volume rocketed more than 226% to $8.66 million, indicating the impact of the latest announcement.
However, it’s worth noting that the crypto has lost nearly 2% over the past two days. Before the Binance backing, it had touched a low of $0.1922 in the last 24 hours.
Meanwhile, the MASK crypto price also jumped about 1% to $1.39, and its trading volume also soared 45% to $60 million. The crypto has touched a 24-hour high and low of $1.41 and $1.35 in the last 24 hours.
Simultaneously, SushiSwap (SUSHI) price has recorded a jump of more than 8% to $0.6629. Besides, the trading volume also soared more than 20% to $26 million.
Having said that, it appears that the impact of the Binance announcement has sparked optimism among investors. However, investors should exercise due diligence, given the volatile nature of the altcoins.
So, traders must tread cautiously, considering the market risks and other factors that might impact the broader sentiment ahead.
The post Binance Extends Support for These 3 Altcoins Sparking Price Rally Hopes appeared first on The Market Periodical.
