Litecoin debuts on Binance Futures as LTC turns bullish

Binance recently disclosed the introduction of a new Litecoin derivative product.

As the launch date approaches, LTC is showing different bullish signs that could set it up for higher highs.

On Jan. 8, the world's largest cryptocurrency exchange by trading volume Binance announced that it will launch Litecoin perpetual contracts.

The perpetual swaps are scheduled to begin trading on Jan. 9 at 08:00 AM. Traders will be able to select any leverage from 1x to 75x. Binance revealed that it will implement a pricing limit of ±1 percent on the market price during the first 15 minutes of trading in order to prevent market manipulation.

"We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance The performance of the Binance Futures systems far outstrips many other platforms in the market, giving users a smooth trading experience. The market has been demanding a product with superior stability and performance; now we are providing one."

Prior to the announcement, Litecoin surged nearly 5 percent.

Over the last week, Litecoin saw its price surge nearly 25 percent.

The introduction of perpetual contracts by Binance helped Litecoin push for higher highs.

"Litecoin Difficulty Ribbon now in recovery. Should set up a bullish breakout of the bearish channel."

The analyst expects Litecoin to breakout in an upward direction even before Bitcoin does.