Polkadot futures market flippens Litecoin as its open interest hits $573M
Polkadot raced past Litecoin to become the fourth largest futures market as its open interest reached $573 million this week. Polkadot (DOT) has been raising eyebrows for the past couple of months as the interoperability-focused altcoins has gained 625% in the past three months. The promise that interoperability between blockchains will be a viable solution to the high Ethereum gas fees plaguing the crypto market has made Polkadot’s development of parachains attractive and the number of projects choosing to build on DOT continues to grow alongside it’s popularity as a staking....
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The open interest of Polkadot futures soared to $1 billion, eclipsing Litecoin and XRP to make DOT the third-largest futures market. On March 24, the price of Polkadot's DOT token corrected by 23% in a brief six-hour period, resulting in $174 million in liquidations across the futures market. This swift downside move also cut the aggregate open interest by 26%. Now that DOT's open interest is climbing to a new record high at $1 billion, investors may be worried that another price crash is on the way.DOT/USDT on Binance. Source: TradingViewAlthough the event severely hurt leveraged longs at....
DOT price crashed both times after its futures open interest clipped $1 billion. Should traders expect a correction now that OI is over this figure? Whenever there is relevant growth in the number of derivatives contracts currently in play (open interest), it usually means that more traders are involved. In futures markets, longs and shorts are balanced at all times, but having a larger number of active contracts allows the participation of institutional investors that require a minimum market size.However, in Polkadot's (DOT) case, price crashes have often been anticipated by this....
Bitcoin futures open interest on Monday has crossed $23 billion according to data recorded on April 5. The crypto asset exchange Binance has taken the lead as far as open interest in bitcoin futures is concerned with a massive $10.5 billion in open interest. Binance Captures the Bitcoin Futures Lead Not too long ago, Bitcoin.com’s newsdesk reported on CME Group capturing the lead as far as open interest in bitcoin futures. Today, that’s no longer the case, as Binance has jumped ahead of the pack as far as delivering futures derivatives products for BTC. Skew.com analytics....
The open interest for ADA futures rose to $580 million, flipping Litecoin to become the third-largest derivatives market. On Feb. 3, Cardano conducted a hard fork and successfully integrated the Mary upgrade to the testnet, transforming the blockchain into a multiasset network similar to Ethereum.This event seems to be one of the reasons for the impressive 475% year-to-date rally of ADA, and the altcoin is now causing unexpected ripples in the derivatives markets. Since the end of December 2020, ADA's $81-million aggregate futures open interest hiked to the current $580 million, becoming....
Open interest on Litecoin futures hit a record $584 million, a signal that institutional investors like Bitwise and Grayscale Investments are interested in the altcoin. Litecoin (LTC) might be 60% below its December 2017 all-time high at $420, but that hasn't stopped its futures contracts open interest from reaching a record $584 million. This makes LTC the seventh-largest cryptocurrency by market capitalization and it ranks third in derivatives, behind Bitcoin (BTC) and Ether (ETH).Litecoin futures aggregate open interest. Source: Bybt.comAs shown above, LTC futures aggregate open....