Ether Futures Volume Highest Since June 2019
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.
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.
“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.
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.
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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|CryptoCurrency||USD||Change 1h||Change 24h||Change 7d|
|Bitcoin||0.08 %||0.90 %||1.26 %|
|Ethereum||0.26 %||0.13 %||0.54 %|
|XRP||0.14 %||2.45 %||0.65 %|
|Tether||0.10 %||0.07 %||0.07 %|
|Bitcoin Cash||0.02 %||0.90 %||5.03 %|
|ChainLink||1.36 %||25.56 %||61.14 %|
|Cardano||0.29 %||2.44 %||0.48 %|
|Bitcoin SV||0.54 %||2.38 %||9.50 %|
|Litecoin||0.08 %||1.39 %||7.05 %|
|Binance Coin||0.06 %||0.55 %||3.79 %|
|Crypto.com Coin||0.03 %||0.34 %||4.01 %|
|EOS||0.09 %||0.95 %||8.30 %|
|Tezos||0.67 %||10.94 %||14.35 %|
|Stellar||0.43 %||1.82 %||1.98 %|
|Monero||0.08 %||0.90 %||4.39 %|
|OKB||0.16 %||1.28 %||6.29 %|
|VeChain||0.72 %||14.99 %||28.26 %|
|TRON||0.18 %||0.96 %||0.05 %|
|LEO Token||0.09 %||0.05 %||1.41 %|
|Cosmos||4.09 %||23.12 %||23.21 %|