According to latest analytics, the daily open interest for ether futures has achieved a record high on Binance and Bybit.
Among the top five derivatives exchanges, all except the Chicago Mercantile Exchange (CME) have surpassed previous records in daily open interest for ether futures. Notably, Binance has seen its open interest soar to over $3.30 billion, while Bybit has reached $1.94 billion.
The significant rise indicates an expanding confidence and involvement in ether futures trading, showcasing ether’s appeal to traders enticed by greater potential returns in more volatile markets. The substantial uptick in open interest in ether futures signifies heightened interest from risk-taking traders in leveraged positions who seek greater volatility.
Increased volatility in Ether prices:
Over the past two weeks, Ether has experienced an average daily price fluctuation of 2%, which is double the average daily movement of Bitcoin. Additionally, on-chain volume for Ether has reached a multi-month peak. Daily transaction volume on the Ethereum network has surged from a low of $1.26 billion in early October 2023 to a current multi-month high of $4.2 billion.
This surge in activity is primarily fueled by price movements. Day traders are showing a clear preference for Ether, especially as the momentum of the Bitcoin rally wanes and volatility subsides, prompting active traders to transition towards Ether.
The upcoming Dencun upgrade is set to introduce enhancements such as blob transactions and transient storage. These additions enable the integration of off-chain “data blobs” into Ethereum transactions, expanding their capacity to accommodate more data without affecting block processing times.
Moreover, the anticipation surrounding a potential ether ETF and the impending Dencun upgrade are bolstering the ongoing bullish sentiment for the second-largest digital asset by market capitalization. Surpassing the $3,000 threshold, Ether has crossed a psychological milestone for many investors, likely prompting increased buying activity.
The current Ethereum price stands at $3,180.49 USD as of 10 pm CET, 26.02.2024, with a 24-hour trading volume of $17,568,395,871 USD. Our platform provides real-time updates for the ETH to USD exchange rate. Over the past 24 hours, Ethereum has seen a 2.72% increase. Ethereum holds the #2 ranking, boasting a live market cap of $382,152,790,799 USD. With a circulating supply of 120,155,438 ETH coins, the maximum supply is not available.
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