CandleFocus Think Ethereum’s ETH is Dead? Surging Metrics Show Otherwise
2024-11-27
Author: Content Editor
The market is betting on higher prices for Ethereum's ether (ETH) as traders are piling into derivatives tied to the cryptocurrency. Open interest in futures contracts has reached a record 6.32 million ETH, worth over $27 billion, indicating an uptrend. The premium on ETH futures has expanded, leading to increased interest in cash and carry trades and potential inflows into U.S.-listed spot ETH ETFs. Activity in the ether options market is also increasing. The value of assets locked on Ethereum-based applications has reached $65 billion. Ethereum's recent price uptick has driven up activity levels on the network, although it still lags behind March's peak. Ethereum has surpassed Tron in hosting USDT stablecoin. The election victory of Donald Trump has brought hopes of a DeFi bull market, leading to demand for ETH.
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