Open interest for Litecoin futures derivative contracts has surpassed $420 million globally, representing growth of 22% year-to-date.
This surge in demand for LTC futures is the highest observed since the beginning of 2022, according to data from Coin Glass. Open interest refers to the total value of unsettled trading contracts and can be used to measure trends in interest for a particular asset.
The jump in open interest for LTC futures may be influenced by several factors, including the upcoming halving event for Litecoin, which is often referred to as the silver to Bitcoin’s gold.
Litecoin Futures Open Interest | Source: Coin Glass
During the halving event set for Aug. 5, the rate of new coin issuance on the network will be halved, and the reduction in new coins could drive up the perceived value of Litecoin due to increased scarcity.
Litecoin has seen modest gains this month, rising almost 7% so far this month from $86 to $92, according to data from CoinGecko. It's also seen a large surge in its hash rate over the past year, adding another favorable metric to the asset's profile.
Hash rate is a measure of the processing power dedicated to Litecoin’s blockchain, and it's increased 45% over the past year to reach 730 TH/s, according to data from BitInfoCharts. This surge indicates a heightened level of interest from proof-of-work miners, who play a vital role in ensuring the security of the network and validating transactions.
source:theblock
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023