Binance, one of the largest cryptocurrency exchanges in the market, continues to be bullish about the entire crypto space. Specifically, the platform is bullish about altcoins, which many of them have been expanding in recent weeks and reaching new all-time highs in some cases. The company released this information on its June Trading Report.
Binance Bullish Sentiment for Altcoins
Binance has released its June Trading Report where they make a general analysis about the crypto market, Bitcoin and also altcoins. They explained in the report that Bitcoin’s 30-day volatility was down to the lowest point since October 2019, showing that there is no clear information on where the largest virtual currency could move in the coming weeks.
This is very important considering that when Bitcoin’s volatility reaches low boundaries, it may be possible for Bitcoin to experience a large move up or down. Although having a stable Bitcoin can be considered positive, many users are waiting for increased volatility so they can benefit from market movements.
At the same time, they explained that most large-capitalization cryptocurrencies have offered negative returns to trades. However, mid and small-cap cryptocurrencies, including Chainlink (LINK), Cardano (ADA), Basic Attention Token (BAT) and VeChain (VET) have registered great returns during June. This shows there are several altcoins that seem ready to move higher and expand in the coming weeks as well.
These moves experienced by Altcoins in the market are different from what Bitcoin is doing. While Bitcoin’s volatility is very low, altcoins are experiencing large gains and higher volatility. Regarding large altcoins, many of them have registered moderated losses in June.
According to the report, the open interest for the Binance Futures remains high and continues to grow. This is the fourth consecutive month in which Binance Futures registers growth. Binance Futures has added 6 new contracts that would take the perpetual contract offerings to 31. The contracts added include ALGOUSDT, ZILUSDT, KINCUSDT, ZRXUSDT, COMPUSDT and OMGUSDT.
The exchange informed they have also launched quarterly futures that are going to improve Binance solutions and offering to users. The more products they have to choose, the better it is going to be for them to use this platform. The new asset offerings will be providing users with additional trading opportunities to crypto derivatives trades. At the same time, crypto miners are also going to be able to hedge against volatility in the market with these Bitcoin futures and solutions.