Ethereum has been outperforming bitcoin for a while now. The altcoin had managed to grow so rapidly that it is now about half the market cap of bitcoin despite being more than 5 years younger. This outperformance had continued through the bull market and now even into the bear market. Ethereum has taken one step further to overtake bitcoin in yet another metric, and that is the amount of open interest in the asset.
Open Interest Flips Bitcoin
New data from Glassnode has shown an interesting development when it comes to the open interest in both Bitcoin and Ethereum options. Bitcoin had naturally dominated this metric due to not only being the first cryptocurrency in the market but also the digital asset with the most interest from investors, both retail and institutional investors.
Ethereum had quickly surpassed bitcoin in this regard as its open interest had surged to $5.6 billion across all Put and Call options, accounting for more than a 47% increase in the last month. ..
Support the originator by clicking the read the rest link below.
