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11/22/2023

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BIT Exchange To Launch SOL Options Trading Next To XRP and ADA

BIT exchange, a digital asset exchange founded by Jihan Wu, a Chinese cryptocurrency entrepreneur, recently issued a statement claiming that the firm is all set to launch Solana (SOL) options trading...

BIT Exchange To Launch SOL Options Trading Next To XRP and ADA

BIT exchange, a digital asset exchange founded by Jihan Wu, a Chinese cryptocurrency entrepreneur, recently issued a statement claiming that the firm is all set to launch Solana (SOL) options trading following the colossal surge in institutional demands.

The afore-stated decision was much awaited by crypto market enthusiasts within the crypto realm as SOL has recently emerged as one of the top-tier blockchain protocols, bolstering up decentralized financial markets.

Furthermore, with a partnership from Orbit Markets, an institutional liquidity provider of options and structured derivatives in digital assets, BIT exchange aims to expand its options trading services for various altcoins, including XRP and ADA, among many others.

Launch Of SOL Options Trading: Here’s Why?

SOL, a cryptocurrency backed by Solana, a blockchain platform, recently gained significant traction in the world of cryptocurrencies as it emerged as one of Ethereum’s leading competitors, ranking itself as one of the top 7 cryptocurrencies by market cap.

Moreover, during the 2021 bull market, SOL nabbed substantial attention within broader crypto markets as one of the key projects leading the ‘Defi Summer’ chronicle, following its concurrent vision with Ethereum but with quicker and more cost-effective transactions.

The Layer 1 token also noted a significant year-to-date surge, overtaking the 400% milestone. This surge seems to come in alignment with the surge in user activity, along with its heightened institutional demand.

Furthermore, SOL is also emerging as one of the top 10 fastest-growing chains in terms of TVL (Total Value Locked), with a 100% increase over the past 30 days.

The aforementioned data portrays that the institutional demand for Solana is continuously upswinging, with the token emerging as a viable alternative to Ethereum. BIT exchange appears to be addressing the surge in demand with the introduction of options trading on the platform.

Also read: Sam Altman Returns to OpenAI, What About Microsoft Now?

XRP and ADA Price Report

Prior to the introduction of SOL options trading on BIT, the firm unveiled plans to launch XRP options trading amid rising market interests earlier this year. As of writing, the XRP price witnessed a marginal downfall of 3.32%, reaching $0.5909 today.

However, the token surged 66.03% over the past year, showcasing positive market sentiments, ultimately resulting in increased market interest orbiting the token.

Concurrently, the Cardano price while writing witnessed a 4.60% fall today, reaching $0.3704. However, the token experienced a slight increase of 2.72% over the past week, with a marginal increase of 7.06% in the twenty-four-hour trading volume. The current trading volume is evaluated at $445.40 million at the time of writing.

Also read: Grayscale Meets SEC’s Trading and Markets Division Over spot Bitcoin ETFs, What’s Next?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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