Bitcoin has faced a massive rally as part of its recent bull run this week

18. Dec 2020 Posted by WorldCoinIndex on Derivatives report

In this week of the year, bitcoin has faced a massive rally as part of its recent bull run. The world’s largest cryptocurrency by market cap has reached a maximum spot price of $23,700, although it is now trading at the lower value of $22,453. As expected, a bitcoin bull run also leads to price increases for most of the market’s other top-ranking cryptos. If the current bull run continues, then crypto prices are likely to reach even higher values. In fact, some may break their previous records.

At press time, ETH is trading at $634, XRP at $0.56, LTC at $104, EOS at $3.01, BCH at $306, and Chainlink at $13.30.

The total cryptocurrency market cap is currently reported at $616.62 billion.

Weekly derivatives summary analysis

Here’s a quick preview of the main events that have occurred on the cryptocurrency derivatives market.

To kick things off, the recent bull run has also had an influence on the crypto derivatives market. Volume increases are just a part of the picture. With this in mind, the crypto derivatives aggregated volume has risen from $37.95B last week to a whopping $75.11B today.

This double down on derivatives volume makes perfect sense, as derivative enthusiasts worldwide are keen to predict future price swings.

Here’s a brief look at trading volumes by derivatives category:

-      The perpetuals trading volume has increased from $30.93B last week to $61.20B, a 2x difference.

-      The futures trading volume has also risen from $6.67B to $13.18B, yet another impressive volume increase.

-      The options trading volume is currently reported at $729.96M, close enough to $1 billion. Analysts believe that the $1 billion volume threshold will be surpassed if the current trends continue.

 

A quick look into the current open interest rates

At this point in time, the total aggregated open interest volume is situated at $15.33B, just slightly higher when compared to the $12.05B value reported last week.

From a category standpoint, perpetuals report an open interest of $6.29B, followed by $3.57B for futures, and $5.47B for options.

Relevant cryptocurrency derivatives news

  • The Deribit derivatives exchange is now permitting its traders to trade bitcoin options that bet on BTC’s rally to $100,000.
  • The CME Group is planning to release Ethereum Futures during February, as long as they receive regulatory approval from financial regulators.
  • Huobi’s derivative trading volumes reach $2.6 trillion over two years.