In order to satisfy institutional demand, BIT Exchange will introduce Solana options trading in addition to growing to cover XRP and ADA.
In response to the enormous spike in institutional demands, BIT exchange, a digital asset exchange started by Chinese cryptocurrency pioneer Jihan Wu, recently released a statement that the company is prepared to introduce Solana (SOL) options trading.
Those interested in the cryptocurrency space eagerly anticipated the decision mentioned above because SOL has lately become a leading blockchain technology supporting decentralized financial markets.
Furthermore, BIT Exchange hopes to broaden its options trading services for other cryptocurrencies, including ADA and XRP, among many others, with cooperation from Orbit Markets, an institutional liquidity provider of options and structured derivatives in digital assets.
Launch of SOL Options Trading
SOL, a cryptocurrency supported by the blockchain platform Solana, has earned a lot of attention lately as one of Ethereum’s main rivals, placing itself among the top 7 cryptocurrencies by market capitalization.
Furthermore, SOL attracted a lot of interest in the larger cryptocurrency exchanges during the bull market of 2021 as one of the major projects spearheading the “Defi Summer” saga, pursuing its parallel ambition with Ethereum but with faster and more affordable transactions.
In addition, the Layer 1 token had a notable increase year-to-date, surpassing the 400% mark. This increase is consistent with both the rise in user engagement and the higher institutional demand for it. With a 100% rise over the previous 30 days, SOL is also ranking among the top 10 chains expanding the fastest in TVL (Total Value Locked).
The statistics cited earlier indicates that Solana is becoming more and more popular among institutions, and it is becoming a competitive token to Ethereum. By adding options trading to the site, BIT exchange seems to respond to the demand spike.
XRP and ADA Price Report
Earlier this year, the company announced plans to introduce XRP options trading in response to growing market interest, before SOL options trading was introduced on BIT.
The price of XRP saw a slight decline as of this writing, coming in at $0.5909. But throughout the previous year, the token grew 66.03%, indicating favorable market sentiment and eventually generating more interest in the token.
Meanwhile, at the time of writing, the price of Cardano dropped by 4.60% to $0.3704. Nonetheless, during the previous week, the token saw a minor growth of 2.72%, with a small increase in the twenty-four-hour trading volume of 7.06%. As of this writing, the estimated trade volume is $445.40 million.
