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

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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
Bitcoin9,206.4 0.49 % 4.21 % 9.15 %
Ethereum251.14 1.43 % 4.55 % 6.27 %
XRP0.2434 2.45 % 9.86 % 17.94 %
Bitcoin Cash337.34 1.78 % 9.44 % 19.48 %
Litecoin68.29 1.35 % 8.47 % 11.37 %
Tether0.9993 0.00 % 0.09 % 0.04 %
Bitcoin SV233.96 4.22 % 14.42 % 24.32 %
EOS3.910 2.32 % 4.45 % 14.60 %
Binance Coin19.40 1.37 % 10.87 % 19.23 %
Tezos2.700 0.66 % 12.51 % 21.97 %
Cardano0.05411 1.55 % 7.67 % 13.48 %
OKB5.530 2.21 % 7.77 % 18.04 %
Monero75.29 1.04 % 4.27 % 12.47 %
--- --- --- ---
ChainLink3.660 0.53 % 8.08 % 14.97 %
TRON0.01749 4.06 % 11.09 % 22.49 %
Ethereum Classic8.760 1.05 % 5.25 % 10.81 %
Huobi Token4.160 0.29 % 9.60 % 16.28 %
LEO Token0.9046 0.13 % 4.84 % 8.16 %
Dash98.17 1.87 % 5.71 % 14.60 %