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CDS Crypto News Altcoin Profits Rise, Bitcoin’s Share of Crypto Futures Declines

Crypto News

Altcoin Profits Rise, Bitcoin’s Share of Crypto Futures Declines

Altcoin profits rise, while the number of active futures linked to Bitcoin declines.

lectertodd26/12/20231 Mins read95

Altcoin Profits Rise, Bitcoin's Share of Crypto Futures Declines

Crypto News – As 2023 comes to an end, cryptocurrency traders are turning more and more toward alternative cryptocurrencies.

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Altcoin Profits Rise, Bitcoin’s Share of Crypto Futures Declines

Currently, 38% of the $30.45 billion market-wide notional futures open interest is locked in as a dollar value in the quantity of active futures contracts linked to Bitcoin. That’s the lowest that Coinalyze has recorded in at least two years.

Seems ‘all’ the money is going into alts now,
Coinalyze

The Expectation of Spot BTC ETF Approval Boosts Bitcoin Price

Falling Treasury yields and the expectation that the US Securities and Exchange Commission will soon approve one or more spot BTC ETFs have affected Bitcoin. In light of this news, BTC, the largest cryptocurrency by market capitalization, has surged nearly 60% since October 1 to $43,100.

The percentage of BTC represented in futures open interest has decreased from about 50% in late October to 48%. The share of altcoins has climbed from 32% to 41%, although ETH’s supremacy has stayed stable at roughly 21%.

Sources:coindesk

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Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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