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. Access NEWSLINKER to get the latest technology news.
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.