Ethereum Achieves New Feat, Leads Bitcoin in Option Markets

The movement and waves being made by altcoins in the cryptocurrency markets have kept enthusiasts thrilling. For the past few months, seems investors, and whales are developing interest in meme tokens, small coins, and NFT’S. Despite the consolidation and bear period in the marketplace, these small coins, Defi have kept making achievements and history. 

Earlier, the largest Altcoin according to market cap, Ethereum achieved a new feat in cryptocurrency history. ETH surpassed the world’s biggest and most acknowledged cryptocurrency, BTC on the options markets.

Ethereum Surpass Bitcoin by 32% in Market Options

The second largest cryptocurrency, Ethereum seems to be ready for a bullish and market-breaking movement for the rest of the 2022 market year. After making over 50% loss from its all-time highs in 2021, Ethereum may be on a rebound journey. 

According to an analytics platform, Glassnode, Ethereum garnered and led Bitcoin with over 32% in its accumulated OI. This surpasses was measured on Deribit, the largest market options exchange globally.

The exchange platform handles approximately 80% of the world’s Bitcoin and Ethereum option market. This new achievement on Ethereum is good news for users, whales, and holders. Deribit stated that the OI indicator is a good indicator for determining the next price trend of a cryptocurrency. 

The OI is calculated by summing all contracts from all trades on the exchange and subtracting the contracts when the trade closes. Deribit revealed that the new feat made by ETH is affiliated with the high call made in its markets. 

Traders and holders can choose to sell their ETH under the put option at a stable price. The put option is likely to push the ETH trendline to a bull. 

Likely Relation With Upcoming Transition From POW to POS 

There are predictions that the present movements and achievements on the ETH blockchain are all attributed to its upcoming merge. The increase in open interest amidst traders is also part of the expectations from the consensus protocol transition. 

Ethereum seems to be dominating the options markets at the moment, although its futures contracts have been backward. This backward may cause the spot price to be greater than the future price.

Currently, the largest cryptocurrency on the crypto market cap, Bitcoin seems to be consolidating and fluctuating at a point. BTC market movement seems confusing and unpredictable for traders and investors. 

Following the take-over by Ethereum on the options market, this may be sending a bearish sign to investors. Despite the new scenario, in the outgone month, July BTC made about a 27% recovery of its past losses in June. 

The ETH POS consensus protocol is highly anticipated in the marketplace.  The merge has also been bulling the price of Ethereum Classic, which may be a substitute for ETH after September.

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