Cryptocurrency Bull Run Continues, Derivatives Volume Drops as Month End Nears

During this week of the year, the cryptocurrency market has seen an abrupt price drop after the recent bull run. However, most coins were quick to recover to their previous values and altcoin prices are rapidly growing at press time.

In the case of bitcoin, a price peak of $24,463 was reported this week, alongside a low of $22,104 a few days ago. Indeed, such degrees of volatility are no surprise, but they’re definitely showcasing that bitcoin continues to lack long-term stability, despite the growing prices.

At this point in time, ETH is trading at $629, XRP at $0.37, LTC at $121, EOS at $2.72, Stellar at $0.16, and Chainlink at $11.82. All of the market’s major altcoins are in the green right now! This is especially surprising for Ripple’s XRP, which saw an abrupt price drop due to an ongoing lawsuit. However, XRP is currently displaying a huge 24H trading volume, alongside a 11% price increase following its recent low.

The total cryptocurrency market cap is currently reported at $644 billion.

Weekly derivatives summary analysis

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

First off, the crypto derivatives aggregated volume has decreased from last week’s value of $75.11B, to $46.30B today. Such drops often happen at the end of the month, so it’s no reason to worry. In fact, the current volume is still higher than many of the previously-attained thresholds this year.

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

-      The perpetuals trading volume is approximated at $35.52B, lower than last week’s $61.20B, effectively halving.

-      The futures trading volume has dropped from $13.18B to $10.11B today.

-      The options trading volume has decreased from $730M last week, to $661.91M, having the lowest drop out of the three types of derivatives.

A quick look into the current open interest rates

At this point in time, the total aggregated open interest volume is situated at $13.50B, slightly lower when compared to last week’s $15.33B open interest.

From a category standpoint, perpetuals report an open interest of $6.06B, followed by $3.03B for futures, and $4.40B for options.

Relevant cryptocurrency derivatives news

• CME Group’s bitcoin futures report a 42% increase within a single week.
• Bitfinex has finally released a ETH-BTC perpetual contract.
• The CME Group releases a press statement saying that they waited 3 years to launch the ETH futures contract due to unfavourable market development conditions.

Resources

https://www.worldcoinindex.com/derivatives

https://www.worldcoinindex.com/openinterest

https://www.worldcoinindex.com/perpetuals

https://www.worldcoinindex.com/futures

https://www.worldcoinindex.com/options

https://www.worldcoinindex.com/exchange/perpetuals

https://www.worldcoinindex.com/exchange/futures

https://www.worldcoinindex.com/exchange/options

Risk Disclaimer

This article includes information about cryptocurrencies, derivatives and other financial instruments. Both cryptocurrencies and derivatives are complex instruments and trading digital assets involve significant risk and can result in the loss of your invested capital. All data and information is provided “as is” for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade.