Ether has been one of the best performing cryptocurrencies in recent weeks, setting a new all-time high above $3,400. For the first time, Ether options volume on major platforms surpassed that of Bitcoin.
Ether options see higher volume than Bitcoin
Ether is the second-largest cryptocurrency by market cap, and it has outperformed Bitcoin in recent weeks. Its performance saw it achieve a market cap above $350 billion, the first time it is crossing that mark.
The cryptocurrency also set another record this week, outperforming Bitcoin in the options market for the first time. Ether’s trading volume surpassed that of Bitcoin for the first time in history.
Yesterday, four leading exchanges offering ETH options (Deribit, OKEx, Huobi, and bit.com) recorded a combined trading volume of $1.32 billion, surpassing that of Bitcoin. The leading cryptocurrency’s options market traded contracts worth roughly $879 million.
Deribit, in its tweet, stated that it doesn’t know the cause of the flip. “We have no opinion on an $ETH – BTC flippening, but our ETH options volume did flip $BTC options volume for the first time. $1.4B notional,” the exchange wrote.
Options volume rise and ETH price sets new all-time high
The increase in Ether’s options volume coincides with the cryptocurrency journey to a new all-time high. The Ethereum blockchain’s native token rose above $3,400 a few hours ago. As well, Ether is up by over 60% over the past month, while Bitcoin has lost 3% of its value during that period.
Ether options have been on the rise for the past few weeks, with Deribit accounting for 80% of the total activity. Options are derivative contracts that grant the buyer the right but not the obligation to purchase the underlying asset at a pre-set price on or before a pre-agreed date. A call option gives the right to buy, and the put grants the right to sell.