DOGE Goes Bonanza, Crypto Derivatives Volume Proves Strong
WorldCoinIndex Derivatives Report Week 4, during this week of the year, the worldwide financial market has seen considerable changes in behaviour, all thanks to Reddit proving its influence over the stock market through significant GME long positions. This has led to the appearance of a similar movement in the cryptocurrency market, consisting of a coordinated pump on Dogecoin, thereby encouraging an absolutely huge price increase for the memecoin.
As such, DOGE is certainly the start of today’s show, after it managed to increase from $0.007 in value, all the way up to $0.08, as shown by the charts. The main goal was to help DOGE achieve $1, yet the coin has since started dropping in value. The pump movement is far from being over, especially as Elon Musk indirectly tweeted about Doge as well. Yet, it now seems like some of this trading volume is moving towards more established cryptocurrencies like Bitcoin, which are also growing in value.
In fact, bitcoin has quickly risen from $32,246 to a 24H high of $38,000. The price trend is strong, and although the value reduced by a bit, chances are that bitcoin will keep on growing. This is especially the case as numerous derivatives contracts are destined to expire today.
The total cryptocurrency market cap is currently reported at $ billion.
At press time, BTC is trading at $37,179, ETH at $1,428, DOGE at $0.049, XLM at 0.31, EOS at $2.78, XRP at $0.28, and Chainlink at $23.74.
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 continued on their growth path, from $123B last week to $128.14B today. This only makes sense given the large number of contracts that are pending expiration, alongside the newly-generated hype on the crypto market.
Here’s a brief look at trading volumes by derivatives category:
- The perpetuals trading volume is reported at $105.48B, on the rise from last week’s $99.72B
- The futures trading volume is reported at $21.10B, slightly lower than last week’s $22.67B
- The options trading volume is reported at $1.55B, much higher than last week’s $886M
A quick look into the current open interest rates
At this point in time, the total aggregated open interest volume is situated at $21.09B, just around one billion higher than the previous week.
From a category standpoint, perpetuals report an open interest of $9.25B, followed by $4.76B for futures, and $7.06B for options.
Relevant cryptocurrency derivatives news
- OKEx announces expansion of P2P trading platform, adding extra means of payment and currencies
- BitMEX is overtaken by ByBit in derivatives volumes
- Institutions report actively purchasing bitcoin’s recent dip, driving up the prices
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.