Amid New Price Highs, Ether Flips Bitcoin on Options Volume

[Cz Rock]

Ether‘s record price rally has triggered a flurry of activity in the options market, driving the cryptocurrency to surpass bitcoin in terms of trading volumes for the first time.

The “flippening,” along with ether’s strong price performance in recent weeks, is a further sign of market focus temporarily shifting away from bitcoin, the top crypto asset by market value.

On Monday, four larger exchanges offering ETH options – Deribit, OKEx, Huobi, and bit.com – registered a combined trading volume high of $1.32 billion, surpassing bitcoin’s tally for the first time on record. Bitcoin’s options market traded contracts worth $879 million on the same day, according to data source Skew.

Ether’s options volume soared as prices for the native token of the Ethereum blockchain rose toward a new lifetime high above $3,400 reached Tuesday. While ether has rallied by over 60% in the past four weeks, bitcoin has dropped by 3%, according to CoinDesk 20 data.

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