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cryptocurrency February 27, 2020

As the cryptocurrency market recovers from the drastic fall on 25 and 26 February, the Futures market has a novel story to tell. While on one hand, Bitcoin Futures are seeing reduced Open Interest, on the other hand, Ethereum Futures are reflecting new great momentum in its daily volume.

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According to the data provider, Skew, Ethereum Futures’ Aggregated Daily Volume was recorded to be very close to its all-time high mark on 17 May 2019.

Source: Skew

Source: Skew

The aggregated daily volume on 17 May 2019 was reported to be $5.45 billion. Since then, while numerous platforms have evolved, the volume noted on 27 February 2020 was $5.20 billion.

Source: Skew

Source: Skew

The highest volume was reported by Huobi at $1.9 billion, followed by OKEx, an exchange that was noting a volume of $1.3 billion. Despite the rising volume, however, the Open Interest had been noting a dip since 25 February. The Open Interest remained highest on OKEx with $163.8 million, while BitMEX followed at $146.6 million, at press time.

During the period of loss on 26 February, the BitMEX ETHUSD – Coinbase ETH-USD Basis reflected an upward spike of 0.7%. This spike could be indicative of the buying pressure in the Ethereum market. The Ethereum market appeared to be in a recovery phase as the coin noted a growth of 3.76%. At press time, the world’s largest altcoin had pushed its price upwards towards $226.16.

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As the price of the coin is close to its critical support of $229, it has been predicted that a dip under $229 could cause the coin to crash below the psychological $200 mark. This could mean that Ethereum could end up losing 30% of its profits in 2020. Despite many in the community hoping that Ethereum would bring the alt season to the market, its correlation with Bitcoin could change things for the future.

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