A lesser-known cryptocurrency, FLUID, has made headlines by experiencing an extraordinary surge in price, jumping by an impressive 55% within a single day. This remarkable increase brought the cryptocurrency to a peak of $8.60, marking the highest value observed since the end of 2024. As of now, FLUID’s price has slightly retraced to $8.20, with its market capitalization surpassing $650 million, according to data from CoinGecko.
The significant price rally appears to be driven largely by the backing of major cryptocurrency exchanges. Earlier today, Binance announced the launch of the FLUID/USDT perpetual contract, which comes with up to 75x leverage. This innovative product does not have an expiry date, enabling users to speculate on the asset’s price using borrowed funds without the need to own the cryptocurrency. Notably, Binance’s “multi-assets mode” allows traders to utilize other cryptocurrencies, such as Bitcoin, as margin when participating in these perpetual contracts.
Equally significant is the support provided by the leading South Korean exchange, Upbit, which has listed FLUID trading pairs including FLUID/KRW, FLUID/BTC, and FLUID/USDT. Upbit has clarified that it will support only deposits and withdrawals through the Ethereum network. The involvement of such prominent platforms enhances the liquidity, availability, and overall visibility of FLUID, while also bolstering its reputation in the market. Binance, with its user base exceeding 280 million, and Upbit, boasting around 10 million clients, provide substantial exposure for the cryptocurrency.
This trend of rallying prices following support from established exchanges is not new. Earlier this year, DeepBook (DEEP) experienced a similar double-digit increase after receiving backing from Binance and Upbit. Avantis (AVNT) is another example, which saw its value skyrocket by 50% after Binance introduced a range of trading pairs for the token. This included the AVNT/USDT, AVNT/USDC, and AVNT/TRY spot trading pairs, alongside various features in Binance’s ecosystem such as the Binance Simple Earn program. Upbit also joined in by listing AVNT trading pairs.
The recent surge in FLUID’s price underscores the influential role cryptocurrency exchanges play in the market, highlighting how support from such giants can lead to significant price movements for altcoins.
