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BIT alternate, a digital asset alternate based by Jihan Wu, a Chinese cryptocurrency entrepreneur, not too long ago issued a statement claiming that the agency is all set to launch Solana (SOL) choices buying and selling following the colossal surge in institutional calls for.

The afore-stated determination was a lot awaited by crypto market fanatics inside the crypto realm as SOL has not too long ago emerged as one of many top-tier blockchain protocols, bolstering up decentralized monetary markets.

Furthermore, with a partnership from Orbit Markets, an institutional liquidity supplier of choices and structured derivatives in digital property, BIT alternate goals to increase its choices buying and selling companies for numerous altcoins, together with XRP and ADA, amongst many others.

Launch Of SOL Options Trading: Here’s Why?

SOL, a cryptocurrency backed by Solana, a blockchain platform, not too long ago gained vital traction on the earth of cryptocurrencies because it emerged as one in every of Ethereum’s main opponents, rating itself as one of many prime 7 cryptocurrencies by market cap.

Moreover, in the course of the 2021 bull market, SOL nabbed substantial consideration inside broader crypto markets as one of many key tasks main the ‘Defi Summer’ chronicle, following its concurrent imaginative and prescient with Ethereum however with faster and cheaper transactions.

The Layer 1 token additionally famous a big year-to-date surge, overtaking the 400% milestone. This surge appears to come back in alignment with the surge in person exercise, together with its heightened institutional demand.

Furthermore, SOL can be rising as one of many prime 10 fastest-growing chains when it comes to TVL (Total Value Locked), with a 100% improve over the previous 30 days.

The aforementioned knowledge portrays that the institutional demand for Solana is repeatedly upswinging, with the token rising as a viable different to Ethereum. BIT alternate seems to be addressing the surge in demand with the introduction of choices buying and selling on the platform.

Also learn: Sam Altman Returns to OpenAI, What About Microsoft Now?

XRP and ADA Price Report

Prior to the introduction of SOL choices buying and selling on BIT, the agency unveiled plans to launch XRP choices buying and selling amid rising market pursuits earlier this 12 months. As of writing, the XRP price witnessed a marginal downfall of three.32%, reaching $0.5909 at this time.

However, the token surged 66.03% over the previous 12 months, showcasing constructive market sentiments, in the end leading to elevated market curiosity orbiting the token.

Concurrently, the Cardano price whereas writing witnessed a 4.60% fall at this time, reaching $0.3704. However, the token skilled a slight improve of two.72% over the previous week, with a marginal improve of seven.06% within the twenty-four-hour buying and selling quantity. The present buying and selling quantity is evaluated at $445.40 million on the time of writing.

Also learn: Grayscale Meets SEC’s Trading and Markets Division Over spot Bitcoin ETFs, What’s Next?

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