Just in time for proof of stake, Ethereum is starting to look bullish again thanks to flipping Bitcoin in one key metric.

Covered:

  • Ethereum Flipping Bitcoin
  • Future Prospects

Ethereum Flipping Bitcoin

For the first time ever, Ethereum options have overtaken Bitcoin in total value. According to data on Deribit, a leading options exchange, total dollar value of Ethereum options contracts was at $5.7 million USD, while Bitcoin options sat at $4.3 million. Deribit is the largest exchange for options trading, with some 90% of all options trading occurring on the platform.

The flip in value comes as Ethereum has been steadily climbing the last month. As of press time, Ethereum is up over 50% in the last 30 days. It’s currently trading in the $1,670 USD range.

Ethereum had struggled greatly during the months of May and June. The smart contract protocol even briefly fell below 1k ($940 USD). It has since rebounded with optimism surrounding the protocol’s long-waited proof of stake rollout.

With developers setting more specific timelines, the optimism for the move appears to be growing. The move will take Ethereum away from proof of work mining, which is controversial in more mainstream circles of investing because of its environmental impact.

Recommended: everything you need to know about the launch of ethereum 2.0

Future Prospects

For years, Ethereum fans were hoping for a different kind of flip. ETH heads had gotten close to flipping Bitcoin in market cap in 2017, but hasn’t really come that close since. Still, the protocol is firmly entrenched as the second biggest cryptocurrency in the world.

It remains to be seen if Ethereum’s recent optimism, as evidenced by the options trading, will result in the flippening actually happening. But, seeing as Bitcoin’s market cap is more than twice that of Ethereum (445 million v. 200 million) it’s a difficult task.

Ethereum’s proof of stake initiative should bring more money into the ecosytem thanks to its improved PR, cheaper gas fees, and speed of transactions. Also, the significance of flipping Bitcoin even just in options trading can’t be understated.

Yes, options trading are relatively small to the larger market, but it does speak to the sentiment of the larger more sophisticated traders. Not to mention, the fact that it’s never been done before until says something.

Perhaps it’s just temporary euphoria as a result of a massive catalyst, or it’s a sign of an upcoming massive shift in crypto. We’ll see this fall when Ethereum 2.0 — hopefully — comes out.

Recommended: Ethereum Whales Are Preying On These Two Surprising Altcoins

 

The post Ethereum Flips Bitcoin In Key Metric appeared first on CryptosRus.

By admin

Leave a Reply

Your email address will not be published.