This week, the cryptocurrency market experienced substantial fluctuations, with Bitcoin‘s price oscillating around the significant $70,000 mark. The digital currency’s daily trading chart presented a series of neutral candles that included pronounced wicks, suggesting an ongoing tug-of-war between buyers and sellers. The industry is also closely monitoring price movements in popular altcoins such as Ethereum and Solana.
Significant Bitcoin and Ethereum Options Expire
A record-setting options expiry event took place on the Deribit Exchange, involving an immense $15 billion notional value. The expiration included 135,000 Bitcoin options and a staggering 1.58 million Ethereum options. Bitcoin options expired with a put-call ratio of 0.85 and a favored strike price of $51,000. Meanwhile, Ethereum options closed with a notional value of $5.6 billion, a ratio of 0.63, and a strike price of $2,600, suggesting a possible surge in market liquidity and an increase in volatility.
Ethereum continues to lead as the primary blockchain platform for smart contracts and decentralized applications, operating independently of any third-party control. This technological edge may be a contributing factor to the heightened activity and interest in Ethereum-related financial products.
Ethereum’s price trajectory has recently corrected by 13%, dropping from $4,090 to $3,561. Now trading at $3,557 with a market capitalization of $427 billion, Ethereum may face further correction if supply persists at the $3,700 resistance level, potentially sliding to $3,120, a further 12% decrease.
Solana, on the other hand, has been consolidating after its price adjustment, briefly touching $210. Its current trading price stands at $186, a 1.82% decrease from the previous day, with a market capitalization of $82.7 billion, ranking it as the fifth-largest cryptocurrency. Solana’s price pattern on a shorter time frame hints at a bullish continuation, with a potential rally leading to target prices of $210 and subsequently $240, should buyers gain enough momentum to breach existing trend lines.