On 4 September, Hong Kong-based BitMEX announced its plans to introduce future markets for two cryptocurrencies. BitMEX listing the two cryptocurrencies, Chainlink and Tezos, indicates the first coins to appear on the exchange for over two years; LINK will be the first DeFi token to be added to the exchange.
The two cryptos have triple-digit year-to-date returns. In addition to new contracts for EOS and Cardano(ADA), the two coins traded in future markets on BitMEX in the past; in 2017, BitMex listed XTZ/BTC futures and settled at 0.0002 BTC per 1 Tezos.
A Hint on BitMEX Listing
The last time BitMEX listed a new token was in June 2018, announcing TRON/BTC futures markets. Before that announcement, BitMEX removed six altcoin futures markets, which included Ethereum Classic(ETC), Zcash(ZEC), and Monero(XMR), among others.
After the BTC listing, BitMEX recorded over 1 million bitcoin traded within 24 hours, twice in a month. In a company announcement, Hayes said that it was a significant milestone for the crypto market and a testament to the strong community that BitMEX was growing.
BitMEX’s Friday announcement said that the new altcoin futures would trade against Tether (USDT) instead of bitcoin (BTC). The reason given was that USDT pairs account for over 60% overall altcoin volume, and by listing tether pairs, users are provided with trading options to meet their needs.
LINK Surges Over the Last Month
Chainlink is currently the biggest winner of the top 10 cryptocurrencies by market capitalization. Last month, LINK rose 19.53% within 24 hours, with a price of $13.35. LINK has continued to grow since its introduction to the market without stopping.
Last month’s chart, LINK showed that it was up by 107.38% and is only followed by ETH at 63% and XRP at 45% over the same month. LINK’s rise is attributed to the financial derivatives market. As it kept rising, future contracts showed a negative funding rate of 0.02%, which caused LINK future traders to increase selling and buying pressure in the market.
Operator Josh Rager, an investor in cryptocurrency, was optimistic about LINK. He tweeted that everything about LINK seemed bullish to him. He predicted that LINK would touch $15 soon.
Tezos Performance at the Moment
Bitfinex reported last month that Tezos price gained more than 28% in its weekly performance since January. Its price was $4.47 in that week.
The data indicated that there have never been more long positions open for XTZ. Traders think that the value of XTZ is going to increase in the next weeks or months. These are pointers that Tezos could manage to occupy some of Ethereum’s market share.
However, for Tezos to become a more severe threat, it should be able to provide similar or better incentives than Ethereum.