As cryptocurrency market capitalization is surging again after a painful multi-week drop, aggregate open interest on cryptocurrencies futures contracts adds more than 50% in one month.
Crypto futures OI spikes to $37 billion
According to data shared by Bybt analytical dashboard, net open interest across major cryptocurrencies futures contracts surged from $22 billion to $37 billion in the past 30 days.
According to Bybt data, the cryptofutures open interest has soared in the last month, from 22b to 37b. The increase of ETH is greater than that of BTC. Market volatility may increase. pic.twitter.com/v6UO5qAPcF— Wu Blockchain (@WuBlockchain) August 22, 2021
This integral metric should be referred to as an indicator of increased market activity. At the same time, adds Chinese cryptocurrency journalist and insider Colin Wu, an upsurge in volatility may also be in the cards.
Also, Mr. Colin Wu noticed that open interest on Ethereum (ETH) futures is growing faster than that of the flagship cryptocurrency.
For the last time, cryptocurrency markets OI was that high in late May 2021, during the last few days of the previous wave of the bullish crypto rally.
Crypto market capitalization touched three-month high, flirts with $2.2 trillion level
This upsurge goes hand in hand with a massive increase of major crypto prices. For instance, Cardano (ADA) has soared to a new all-time high over $2.55, as covered by U.Today previously.
Yesterday, on Aug. 22, 2021, Bitcoin (BTC) stopped one step away from reaching a major milestone at $50,000 unseen since early May 2021.
After touching the local peak at $3,321, Ethereum (ETH) failed to hold above $3,300. Aggregated capitalization of the cryptocurrencies market is estimated at $2.182 trillion by leading independent data tracking service CoinGecko.