Ether Futures Volume Highest Since June 2019

   2020-02-13 15:02

As its price rose to seven-month highs on Wednesday, the aggregate daily volume in ether futures exceeded $4.5 billion for the first time since June 27, 2019.



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Total ether futures volume

Volumes have risen sharply over the past three weeks from $750 million to above $4.5 billion, according to data from Skew Markets. During that time, ether’s (ETH) price rallied by nearly 70 percent, from $160 to $280. 

The surge in trading volumes and prices shows renewed interest in ether and alternative cryptocurrencies in general, as a large amount of altcoins are built on ethereum. 

Related: XRP Sees Flash Crash and Quick Rebound on BitMEX

“It seems the market has been gradually warming up and willing to revisit altcoins this year after a long sequence focusing on bitcoin and upcoming halving,” Emmanuel Goh, co-founder and CEO of Skew Markets, told CoinDesk. 

While bitcoin, the top cryptocurrency by market capitalization, gained over 90 percent in 2019, ether fell 1 percent. 

The tide has now turned in favor of ether this year, according to Goh. The second-most valuable cryptocurrency has doubled in price since Jan. 1, while bitcoin (BTC) is lagging, with 41 percent gains. 

BitMEX, Huobi and OKEx dominate

Three big exchanges – BitMEX, Huobi and OKEx – each traded more than $1 billion worth of ether futures on Wednesday, accounting for nearly 85 percent of the total volume.

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Ethereum futures aggregate daily volume for BitMEX, OKEx, and Huobi

Related: Libra Minus Facebook: Why Celo Is 2020’s Buzzy Token Project

The big three last registered a total volume of over $3 billion on Sept. 24, 2019. 

BitMEX alone traded $1.3 billion, its highest dollar volume since July 19, when the exchange registered trading volume of $1.8 billion. 

Open interest at record highs

The recent rally in ether’s price is also backed by a solid rise in the open interest, the number of open futures contracts. 

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Ether futures open interest

Aggregate open interest hit a record high of $750 million on Wednesday, an increase of over 130 percent from the Jan. 1 figure of $320 million. 

For those following technical indicators, a rise in open interest along with price is said to confirm an uptrend.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin11,663 0.08 % 0.90 % 1.26 %
Ethereum390.02 0.26 % 0.13 % 0.54 %
XRP0.2894 0.14 % 2.45 % 0.65 %
Tether0.9997 0.10 % 0.07 % 0.07 %
Bitcoin Cash303.50 0.02 % 0.90 % 5.03 %
ChainLink13.49 1.36 % 25.56 % 61.14 %
Cardano0.1455 0.29 % 2.44 % 0.48 %
Bitcoin SV224.04 0.54 % 2.38 % 9.50 %
Litecoin57.34 0.08 % 1.39 % 7.05 %
Binance Coin22.42 0.06 % 0.55 % 3.79 %
Crypto.com Coin0.1672 0.03 % 0.34 % 4.01 %
EOS3.030 0.09 % 0.95 % 8.30 %
Tezos3.480 0.67 % 10.94 % 14.35 %
Stellar0.1055 0.43 % 1.82 % 1.98 %
Monero93.63 0.08 % 0.90 % 4.39 %
OKB5.850 0.16 % 1.28 % 6.29 %
VeChain0.02222 0.72 % 14.99 % 28.26 %
TRON0.02050 0.18 % 0.96 % 0.05 %
LEO Token1.290 0.09 % 0.05 % 1.41 %
Cosmos5.030 4.09 % 23.12 % 23.21 %