ETH Options Volume Records New High; Adds $56.4 Million In 24-Hours

24 Jul, 2020 Updated 25 Jul, 2022

By Sahana Kiran

Contributor

Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.

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The Merge Has Priced In, All Clients' Bug Cleared And Ready To Upgrade

The second-largest cryptocurrency in the world, Ethereum has undoubtedly residing under the limelight. The price of ETH, the updates pertaining to Ethereum 2.0, and Ethereum’s role in decentralized finance [DeFi] has been garnering immense traction for the network on the whole.

The recent altcoin price rally did spur up the price of certain coins. ETH seems to be reaping the benefits of the alt season right now as the price of the witnessed a significant surge. Just yesterday, the price of the coin observed a surge of 8 percent. The price of the coin wasn’t the only thing that mounted, ETH options volume was also recording new highs.

Online data analytics platform, Skew took to Twitter to reveal that the ETH Options volume on the cryptocurrency exchange, Deribit recorded a new high.

Furthermore, Deribit exchange, pointed out that the 24-hour volume of ETH options hit a whopping 49 million USD. Another prominent exchange, OKEx, however, recorded only 7.4 million USD ETH options volume over the last 24-hours.

Additionally, the total ETH options open interest also hit a high of 241 million, out of which Deribit accounted for 225 million USD. OKEx, on the other hand, recorded a total of 16 million USD.

What’s Next For ETH’s Price?

While everyone from the crypto community lauded ETH for its parabolic price movement, the coin seemed to have had a bit of a fall since yesterday’s price rally. The altcoin went as high as 278.14 USD and briefly plummeted to a low of 270.03 USD. However, the price of ETH seems to be picking up as the coin was trading at 272.36 USD. Over the last seven days, ETH garnered a 16.5 percent increase in its price.

Even though the community has expressed bullish sentiments, the price movement of the altcoin is uncertain.

ETH Locked In DeFi Hits New High

The entire DeFi space has been having a ball following the massive amount of USD that it has been locking over the past few weeks. While the total value locked in DeFi continues to hit new all-time highs, the ETH locked in the space has been following suit. The total ETH locked in DeFi finally hit a high of 4 million.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.