DEX Trading Volumes Reach 10 Month High
Decentralized exchanges (DEXs) have seen a surge in trading activity in the past month, reaching levels not seen since May 2021. According to data from Dune Analytics, the total monthly volume of DEXs exceeded $100 billion in March, up from $63 billion in February. This shows that some traders are moving to decentralized markets with less strict rules, where they can trade tokens without middlemen or Know Your Customer (KYC) requirements. Some of the most popular DEXs include Uniswap, SushiSwap, Curve, and 1inch.
BTC, DOGE Lose Steam Following Market Rally
The crypto rally stalled overnight following Tuesday’s bullish swing, with Bitcoin and Ethereum declining by 2.3% each for the trailing 24 hours. The leading cryptocurrency dropped below $59,000 after hitting a new all-time high of $62,741 on Tuesday. Ethereum also retreated from its record high of $2,151 to trade around $2,050 at the time of writing. Meanwhile, Dogecoin, which had increased by over 50% on Tuesday as a result of endorsements from famous people like Elon Musk and Mark Cuban, lost some of its momentum and decreased by 8.5% to $0.063.
More Traders Bet On Positive Future
Crypto derivative contracts have reached a new milestone. At the end of the first quarter of last year, the estimated average monthly open interest in BTC and ETH options totaled just 2,000 contracts, according to CME Group. By contrast, in March 2021, the average monthly open interest in these contracts reached over 12,000 contracts, a six-fold increase. This shows that more traders are betting on the future price movements of these cryptocurrencies, either as a hedge or as speculation. Options are contracts that give the buyer the right but not the obligation to buy or sell an underlying asset at a specified price and date.
Crypto Vectors by Vecteezy© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
