- Binance will enable support for Litecoin options contract trading on Wednesday.
- A representative for the exchange said there had been an increased request for the contract from users.
The leading cryptocurrency exchange, Binance, announced on Tuesday that it is launching an options contract for Litecoin (LTC). This is coming as a great hedging tool for crypto investors, especially in the current market rally. Litecoin price has been gradually gathering points since the rally began in October. At the time of writing, the cryptocurrency is trading at the price of $88.90 on Coinmarketcap.
Litecoin options contract on Binance
Per the announcement, Litecoin options contracts will be launched for trading on the exchange on November 24, at exactly 7:00 AM (UTC). Once launched, the contract will enable investors to purchase the digital currency at a predetermined price before or at a particular date. The Litecoin contract is coming amid the increase in user demand, according to the exchange’s representative.
The contract will serve as an “important hedging tool, especially during a market rally,” the representative added. Like other crypto options contracts on the exchange, Litecoin investors can execute the upcoming contract before the expiry date, said the exchange. The expiry date for contracts on the exchange ranges from 10 minutes to one full day, unlike other traditional options that maintain a lengthy expiry date.
Litecoin price update
Litecoin, the seventh-largest cryptocurrency by market cap, has been posting modest price growth since the rally kicked off in the past month. On November 1, the crypto began trading at the price of $55.59 and has since surged by 59.9 percent to the current on Coinmarketcap. Litecoin recently reached a yearly high above $90. With a circulating supply of 65,938,864 LTC, the cryptocurrency has a market capitalization of about $5.8 billion.