The Future Coin

Bitcoin

$31,586.17

BTC -8.35%

Ethereum

$1,281.34

ETH -8.81%

XRP

$0.26

XRP -5.33%

Litecoin

$132.75

LTC -7.79%

EOS

$2.59

EOS -5.18%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Markets

Bitcoin v. Ethereum: Are derivatives traders more willing to bet on the altcoin?

by The Future Coin
May 23, 2020
in Markets
0
Bitcoin v. Ethereum: Are derivatives traders more willing to bet on the altcoin?
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Bitcoin and Ethereum, the top two coins in the crypto-market, have not been able to break their key resistance levels yet, with Bitcoin’s at $10,000 and Ethereum’s at $220. As seen in the attached charts, Bitcoin registered significant gains in the month of April and even managed to reach the $10,000-mark on 7 May. However, the coin soon fell by 14.5% the very next day. It was trading at $9,250, at the time of writing.

Source: BTC/USD, TradingView

Talking about ETH, the coin has been trying to breach the $220 level for over two months now. It managed to touch $215 on 29 April, but it was soon met by a 7% drop. The coin, at the time of writing, was trading at a price of $208.

Source: Ethereum/USD, TradingView

The king coin was supposed to rise up and breach its resistance and reach new heights post the third halving, as predicted by so many traders and analysts. But, as can be seen on the charts, the top coin is still struggling to reach its key resistance level, while the same goes for the market’s top altcoin. What does this say about the current state of the crypto-market? Where is it heading?

A recent report released by OKEx noted that the Implied volatility [IV] of ETH had recovered while the IV of BTC was relatively fluctuating. The report, in its findings, opined that ETH seemed “comparatively favorable or, at least, more willing to be bet on by traders.”

On the contrary, the Options markets showed that the probability of ETH moving over $220 by the end of June is just about 28%, while the likelihood of BTC being above $10,000 by the end of June is around 29%. This implies that even if the top coin and ETH manage to breach their key resistance levels by the end of June, the Options market believes the probability of this happening to be just 1 in 3.

Interestingly, the report also looked into Bitcoin’s rising put/call ratio, with OKEx noting that “the put/call ratio has surged to a level where BTC has touched 10000 in early May. That could indicate that options traders may not anticipate a BTC price rebound at current levels.”

Such is the case not just for Bitcoin and Ethereum, but also for other coins like Litecoin, XRP, Monero, and many others.

Litecoin has been trying to reach its key resistance level of $63 since 13 March. At the time of writing, it was trading at $44. Similarly, XRP has been trying to reach the $0.24 level for a while. And, while the coin did manage to reach $0.22 on 29 April, it could not hold it for long. It was trading at $0.20, at press time.

Putting things into perspective, the crypto-space, despite the flowery predictions being made, is still a long way away from breaching their resistance levels on the charts.

Source link

EDITOR’S CHOICE

Better Buy: Square vs. PayPal

Crypto ATM Market Growing Demand with Innovative Ideas Adopted by Key Players – Bitxatm , Lamassu – KSU

This Nvidia RTX 3080 crypto mining rig was built into a BMW ‘just to annoy gamers’

Beyond Bitcoin: Push For Everyday Cryptocurrency

Nimbus – 10 Earning Strategies DeFi Ecosystem to Launch DAO – Product Release & Updates

Graph Blockchain Signs a Definitive Agreement with Babbage Mining Corp. and Announces Financing

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 31,759.00
ethereum
Ethereum (ETH) $ 1,287.66
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 16.51
ripple
XRP (XRP) $ 0.263752
cardano
Cardano (ADA) $ 0.336988
chainlink
Chainlink (LINK) $ 22.26
litecoin
Litecoin (LTC) $ 133.45
bitcoin-cash
Bitcoin Cash (BCH) $ 425.44
binancecoin
Binance Coin (BNB) $ 40.60
stellar
Stellar (XLM) $ 0.256349
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 31,737.00
uniswap
Uniswap (UNI) $ 12.22
bitcoin-cash-sv
Bitcoin SV (BSV) $ 174.82
aave
Aave (AAVE) $ 247.46
eos
EOS (EOS) $ 2.60
monero
Monero (XMR) $ 137.83
theta-token
Theta Network (THETA) $ 2.29
havven
Synthetix Network Token (SNX) $ 15.29
tezos
Tezos (XTZ) $ 2.83
nem
NEM (XEM) $ 0.235317
tron
TRON (TRX) $ 0.029119
vechain
VeChain (VET) $ 0.028795
celsius-degree-token
Celsius Network (CEL) $ 4.71
cosmos
Cosmos (ATOM) $ 7.58
neo
NEO (NEO) $ 22.90
dai
Dai (DAI) $ 1.00
crypto-com-chain
Crypto.com Coin (CRO) $ 0.068478
okb
OKB (OKB) $ 5.52
compound-ether
cETH (CETH) $ 25.84
cdai
cDAI (CDAI) $ 0.021040
leo-token
LEO Token (LEO) $ 1.32
maker
Maker (MKR) $ 1,334.60
binance-usd
Binance USD (BUSD) $ 1.00
iota
IOTA (MIOTA) $ 0.421472
huobi-token
Huobi Token (HT) $ 5.53
dogecoin
Dogecoin (DOGE) $ 0.008164
compound-usd-coin
cUSDC (CUSDC) $ 0.021543
filecoin
Filecoin (FIL) $ 22.25
dash
Dash (DASH) $ 102.81
solana
Solana (SOL) $ 3.84
zcash
Zcash (ZEC) $ 86.77
avalanche-2
Avalanche (AVAX) $ 11.80
sushi
Sushi (SUSHI) $ 7.15
compound-governance-token
Compound (COMP) $ 213.27
kusama
Kusama (KSM) $ 96.57
yearn-finance
yearn.finance (YFI) $ 28,977.00
ftx-token
FTX Token (FTT) $ 9.68
ethereum-classic
Ethereum Classic (ETC) $ 7.23