By Aduragbemi Omiyale
As the value of Bitcoin, the most popular digital currency in the global cryptocurrency market continues to wane, a notable cryptocurrency exchange, Bybit, is launching the Ether futures contract.
The introduction of the futures occurred on Thursday, May 20, 2021, allowing further diversifying its offerings of the leading altcoin.
A statement from the company disclosed that the Ether futures will not require a funding fee; so as long as the contracts are valid, traders can hold their positions free of charge.
The previously announced Bybit Cloud Mining, a mining-as-a-service (MaaS) product that gives users instant access to ETH mining from as little as $100, will arrive with ETHUSD0924 on May 24.
ETH, the second-largest cryptocurrency by market capitalization, has seen its price explode 20-fold over the last 12 months, four times that of Bitcoin during the same period.
The Ethereum gas fee has stabilized after April 15’s Berlin Upgrade, even as the upcoming EIP 1559 (London) fee market overhaul, expected in July, promises further gas cost reduction and a deflationary monetary policy.
Commenting on the latest development, the co-founder and CEO of Bybit, Mr Ben Zhou, stated that, “As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives.”
He further said, “We are pleased to launch our new Ether futures contract as rising retail and institutional demand paves way for a new alt season.
“Ether futures contract and Bybit Cloud Mining join our existing ETHUSD and ETHUSDT perpetual contracts in the ETH product lineup, and will create new opportunities for our clients, whether they are looking to hedge their positions or to further capitalize on future price movements of ETH.”
