In a major stride toward expanding its offerings, Coinbase Global Inc. has set the stage for a groundbreaking addition to its platform, announcing support for Solana (SOL) and Avalanche (AVAX) perpetual futures contracts. This bold move, catering to non-US customers, is poised to redefine the dynamics of cryptocurrency trading on a global scale.
Scheduled for launch on November 14, pending favorable liquidity conditions, the listing will unveil SOL-PERP and AVAX-PERP markets on Coinbase’s International Exchange and Advanced platform. This development comes as Solana and AVAX experience remarkable surges in the market, marking an upward trajectory that echoes the recent rise of VeChain (VET) and VeThor (VTHO) after their integration into Coinbase.
The decision to incorporate Solana and Avalanche perpetual futures signifies a pivotal juncture, reflective of Coinbase’s confidence in these assets. The move follows the recent addition of VeChain and VeThor, which saw VET witnessing a 12 percent surge and VTHO soaring by a staggering 70 percent in response to the listing on Coinbase.
Scheduled for launch on the Coinbase International Exchange and Coinbase Advanced, the introduction of SOL-PERP and AVAX-PERP markets signals a strong endorsement of the burgeoning potential of both Solana and Avalanche. Riding high on recent surges in the market, Solana has witnessed an astonishing 33% surge in just seven days and an impressive 151% surge over 30 days, currently trading at $55.13. Similarly, AVAX has surged by 32% in the last seven days and a remarkable 87% in the past 30 days, trading at $17.19.
Industry experts view Coinbase’s listing as a robust indicator of ecosystem growth for these assets. The imminent addition of SOL-PERP and AVAX-PERP markets could act as a catalyst for further upward momentum, potentially attracting a surge of traders and subsequently elevating their trading volumes to new heights.
Experts anticipate a parallel impact on Solana and AVAX, projecting potential growth and increased engagement within the crypto community. Such listings by major exchanges are recognized as robust indicators of ecosystem expansion, signaling opportunities for traders to directly engage with these assets. The anticipated influx of traders could potentially propel the trading volumes of SOL and AVAX to unprecedented heights.
Coinbase’s foray into perpetual futures trading on its international and advanced platforms last month kickstarted with offerings limited to Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC). The inclusion of Solana and Avalanche alongside these “elite assets” speaks volumes about Coinbase’s confidence in their potential. Presently, the international exchange boasts a derivatives market exceeding $100 million over the past day, showcasing the growing influence and interest in these crypto derivatives.
However, recent fluctuations in AVAX’s and Solana’s prices, with a slight decline over the last 24 hours, hint at potential resistance. Despite this, Coinbase’s endorsement positions Solana and AVAX among the select “elite assets,” standing alongside Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC) on the International Exchange.
Coinbase’s foray into perpetual futures trading on the International and Advanced platforms, which commenced last month, initially featured BTC, ETH, XRP, and LTC. The addition of Solana and AVAX, backed by over $100 million in derivatives on the international exchange in the past day, underscores Coinbase’s strong faith in these assets.
This landmark decision by Coinbase is anticipated to reshape the crypto landscape, opening doors for enthusiasts and traders worldwide to access and engage with Solana and Avalanche perpetual futures contracts, further cementing their positions within the burgeoning cryptocurrency market.
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