Weekly Crypto Currency Derivatives Market Report 33 – WorldCoinIndex
Most cryptocurrencies have gone through some price drops, but price increases soon followed, thereby forcing the upper resistance while fixing the value.
This is the case for bitcoin, which is currently traded at $ 11,738. Last week, our favorite cryptocurrency dropped to a high of $ 12,047 as well as a maximum of $ 11,161. Unfortunately, despite breaking the resistance, the BTC price was not fixed above the $ 12,000 threshold.
At this point, Ethereum seems to have gained considerable popularity among traders. In fact, the cryptocurrency managed to reach a volume of $ 8.83 billion over 24 hours, thus surpassing bitcoin’s $ 8.52 billion volume.The total value of the cryptocurrency market is currently reported as $ 367.82 billion.ETH is currently trading at $ 426, XRP $ 0.29, LTC $ 56, EOS $ 3.13, Chainlink $ 17.04 and BCH $ 292.36.
Weekly Derivatives Market Summary Analysis
Here is a quick summary of the main events occurring in the cryptocurrency derivatives market.
First, the total volume of crypto derivatives increased significantly from $ 26.40 billion to $ 34.11 billion, so a great weekly reveal what the derivatives are.
Here is a brief overview of trading volumes by derivatives category:
Options trading volume was $ 171.2 million, lower than last week’s figure of $ 188.49 million.
Futures volume increased from $ 6.69 billion 7 days ago to $ 8.25 billion.
The permanent trade volume is currently estimated at $ 25.68 Billion, so $ 6 Billion higher than last week’s figure of $ 19.51 Billion.
In a longer period of time, it becomes quite clear that the cryptocurrency derivatives market has managed to rise above the Covid-19 outbreak and is no longer greatly affected by the economic slowdown. If a similar trend is maintained, more exponential growth can be achieved as more and more investors are starting to consider these instruments.
A Quick Look at Current Open Positions
At the time of writing, the total volume of open positions stood at $ 9.37 billion, quite close to last week’s value.
In terms of category, permanent contracts reported an open position of $ 4.40 billion, followed by $ 3.01 billion for futures and $ 1.94 billion for options.
Other Market Data
The past few days have driven increased market interest for a number of decentralized finance projects ( DEFI ). This market is actively strengthening as it attracts fintech, blockchain and cryptocurrency enthusiasts around the world.