According to statistical reports, Ethereum has seen a huge increase in Open interest compared to that of Bitcoin.
After the recent huge drop experienced by the cryptocurrency market, Bitcoin’s price plummeted from an average of $60,000 to an extreme low of $29,000. Despite the recovery that shifted the price of Bitcoin to back nearly $36,000, Ethereum kept on experiencing a massive rise in popularity and open interest, compared to the crypto king Bitcoin. Ethereum has seen a massive rise in adoption rates because of its superior feature set that motivates investors to spend on Ethereum. Bitcoin has been indirectly known to have similarities to Gold, with analysts saying that Bitcoin has become value storage and doesn’t provide any fun benefits to keep on trading it.
Ethereum for the win!
According to data from CryptoCompare, Ethereum’s price settled down with a loss of around 2.5%, but Ethereum saw an increase in market share on the derivatives market and Ethereum’s open interest experienced an increase of about a massive 10% in regards to market cap, reaching $6Billion. During the same time, open interest for all derivatives products saw a fall of about 14.5%. Following that, the open interest in Bitcoin products fell down by a huge 25.8%. As for exchanges, Binance was the one to win the race of gain in open interest, with Houbi and OKEx following just behind the exchange giant.
Data from CryptoCompare also shows that Binance Exchange was the one to have the highest open interest value of about $1.5Billion when looking at Ethereum Futures contracts with Houbi, OKEx and Bybit trailing behind. If we take a look at the numbers from back in April and compare them to last month’s record, Ethereum’s open interest had a mind-blowing rise of 146% in May, reaching an average of about $489Million, showing off its domination in the market.
Bitcoin not looking so well
Moving towards Bitcoin, the open interest statistics for Bitcoin were not looking so good. Information on CryptoCompare displayed a massive downfall of open interest of Bitcoin Futures on CME, dropping nearly 23% in May, sitting at around $2Billion. As Ethereum continues to stomp Bitcoin in several areas of the cryptocurrency market, talks regarding Ethereum taking over the throne of Bitcoin have seen a massive increase, especially on the social media side. If Ethereum manages to keep the pace like this, then it is definitely possible that it will take over Bitcoin to become the next crypto king.