An under-the-radar, low-cap Ethereum (ETH) competitor surged by greater than 61% this week as a flurry of exchanges launched perpetual futures contracts for its native asset.
Ark (ARK) is an open-source, typescript-based, layer-1 blockchain protocol that goals to be easy and environment friendly.
The venture’s native token is buying and selling round $0.607, up from $0.375 one week in the past. The 219th-ranked crypto asset by market cap can be up practically 11% previously 24 hours.
The venture’s beneficial properties materialized this week as three notable exchanges launched ARK perpetual contracts. Binance, the biggest crypto trade on the planet by buying and selling quantity, rolled out its ARK/USDT perpetual contract on Tuesday with as much as 10x leverage.
On the identical day, Seychelles-based crypto spinoff buying and selling platform Deepcoin additionally launched an ARK/USDT perpetual contract.
And on Friday, fellow Seychelles-based crypto trade KuCoin additionally began providing an ARK/USDT-M perpetual contract. KuCoin’s contract has as much as 20x leverage.
Futures buying and selling is extraordinarily dangerous, with the potential for large income and devastating losses. It permits customers to enter positions which are bigger than their account steadiness, and perpetual contracts haven’t any expiration date.
Regardless of ARK’s worth beneficial properties this week, the asset stays 94% down from its all-time excessive of $10.22, which it hit all the way in which again in January 2018.
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