As Ethereum (ETH) prepares to enter a new era in its history next month, its options are exploding. On the Deribit stock exchange, we even noticed an unprecedented downgrade of BTC options.
Will Ethereum outperform Bitcoin?
1er August, the total volume of those Ethereum (ETH) options exceeded that of bitcoin (BTC) options on Deribit for the first time. This, while the options contracts open at that time on ETH peaked at $5.7 billion. And those on BTC posted $4.3 billion.
This historic performance is linked to the enthusiasm that The Merge project has been fueling with Ethereum over the past several months. This update provides for abandoning mining activity through the Proof of Work for much more efficient and optimal technology, the Proof of Stake. The project has attracted a lot of interest from investors who are betting on its success. This led to a strong rise in ETH options.
Once implemented, the new ETH technology is expected to reduce resources for Blockchain by 99%. It should also make transactions more dynamic and secure.
“The story of the transition from proof-of-work Ethereum to proof-of-concept Ethereum is pulling the whole market up right now. Options markets at this point are speculating that ETH 2.0 will be a better product than BTC.”said Corey Miller, head of growth at crypto trading platform dYdX.
Ar Twitter, Proponents of ETH used the breakthrough to reignite the debate over whether ETH could overtake BTC in terms of market capitalization. Some of them say that they are sure that this event will happen in the future. On the part of BTC supporters, this is only expected to happen “never”.
You should know, in terms of valuation, on Monday, ETH was showing around 200 billion dollars. BTC was way ahead with $433 billion.
Despite its recent historic lead in the markets, ETH continues to play second fiddle to BTC, especially in terms of daily trading volume in the futures markets.
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