Altcoins Surge in Open Interest, Surpassing Bitcoin

2023/12/27 01:26

Altcoins, including Solana (SOL), XRP, and Dogecoin (DOGE), have emerged as dominant players in the derivative market, outshining Bitcoin. Recent data from Coinalyze reveals a significant shift in open interest (OI), with altcoins now commanding 41% of the market's OI, totaling $12.22 billion.

Bitcoin's Waning Dominance

Just a month ago, Bitcoin held a substantial OI dominance at 42%, with a value of $10.16 billion. However, recent trends indicate a notable decline, with Bitcoin's OI falling to 39% as of December 26, allowing altcoins to take the lead.

Ethereum Trails Behind

While Ethereum initially held a 23% dominance in the futures market, it has now slipped to 21%. Despite this, the funds committed to Ethereum futures have increased from $5.95 billion to $6.26 billion.

Altcoins Absorb Market Volume

Analyzing futures market dominance by volume, altcoins now wield a commanding 66%, boasting a volume of $54.33 billion. In comparison, Bitcoin and Ethereum record 22% and 12% dominance, respectively.

Leading Altcoins and Exchanges

Among the altcoins leading the open interest metric, Solana takes the top spot with $1.3 billion, followed by XRP at $561.9 million and Dogecoin with $428.5 million. Noteworthy exchanges facilitating most futures and options contracts include Binance ($13.2 billion), Bybit ($8.2 billion), and OKX ($4.8 billion).

A Paradigm Shift

In a paradigm shift, altcoins have eclipsed Bitcoin in open interest, marking a turning point in market dynamics. As altcoins continue to gain traction, investors are diversifying their portfolios beyond traditional cryptocurrencies, reshaping the landscape of the cryptocurrency derivative market.

Altcoins

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Altcoins Surge in Open Interest, Surpassing Bitcoin

Bitcoin's Waning Dominance

Ethereum Trails Behind

Altcoins Absorb Market Volume

Leading Altcoins and Exchanges

A Paradigm Shift

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