By: Isha Das
The derivatives market observed erratic behavior for Bitcoin (BTC) and Ethereum (ETH) following an unfortunate event where the U.S. SEC's Twitter handle was breached. The bogus proclamation of a Bitcoin ETF approval led to an avalanche of market reactions, which wiped out over $50 billion from Bitcoin's market capitalization. However, amid this turmoil, Ethereum showcased robust performance and even outshone Bitcoin in derivatives trading volume.
A distinct shift towards Ethereum among traders was seen as the Bitcoin market grappled with the fall out from the false ETF news, perceived by many as a safer or more rewarding option in this phase of extreme market sensitivity. Derivative market analytics showed that the total trading volume for Ethereum derivatives surged dramatically by 79.85%, while Bitcoin's options volume saw a considerable drop. The increase in trading volume and open interest in Ethereum derivatives suggested a bullish sentiment meter for Ethereum compared with Bitcoin.
Simultaneously, Ethereum's price embarked on a decent surge, crossing key resistance levels. Ethereum's price rallied above $2,500, marking a 5% increase and reaching a multi-week high of $2,642. Projections suggest a further increase beyond the $2,650 resistance level and predict a possible rally towards the $3,000 mark on further bullish performance.
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