The cryptocurrency market has exploded into a diverse ecosystem with over 2,000 coins and tokens, each focused on a particular type of application and use case that is developed using innovative blockchain technology.
There are growing innovations that would warrant cryptocurrencies being more open and more knowledgeable. Another such advance is the launch of a cryptocurrency derivative, a brand-new financial product line. The value of crypto futures becomes clear when we look at the daily volume of average trading.
Cryptocurrency derivatives trading hit its highest 2020 trading volumes on Tuesday, while Bitcoin jumped by 9% and Ether by 16%, per Skew compiled data.
Approximately $25 billion exchanged hands for Bitcoin futures contracts during the single day, making Jan. 14 the busiest day since Oct. 26. Meanwhile, open interest on bitcoin futures has grown by 16 per cent to $3.5 billion, with OKEx and BitMEX cryptocurrency exchanges seeing the highest amounts.
Greater volume of trading is a sign of strong liquidity which is always beneficial for market participants, and hence opens up a new arena for the crypto-minded people – development of a crypto derivative trading software to facilitate seamless trading in the derivatives market.