Bitcoin (BTC) traders are betting big on the crypto asset, with calls around the $60,000 strike price seeing a surge to a notional value of $642 million.

Data from leading crypto derivatives trading platform Deribit confirms this metric, suggesting that market participants have demonstrated a remarkable increase in bullish interest toward Bitcoin on the back of the asset’s recent push above $50,000.

Recall that BTC recently breached the crucial $50,000 psychological threshold today. The last time BTC saw this price was during the 2021 bull run.
The crypto asset recently soared to a 26-month high of $50,368 before witnessing resistance that has pushed it below the $50,000 level.

Bitcoin Calls Surpass Puts on Deribit
Amid the struggle to seal its hold above $50,000, Bitcoin has triggered renewed optimism among traders.

Deribit data indicates that Bitcoin call options have surged since yesterday, with Open Interest (OI) on calls spiking to 170,131 BTC worth $8,480,375,345 ($8.48 billion) against prevailing rates.
image
For the uninitiated, call options are financial contracts that give the buyer the right to purchase a specific amount of an asset (in this case, BTC) at a predetermined price (strike price) before the expiration date. However, the buyer is not obliged to buy the asset at this price.
Call options differ from put options because, unlike calls, puts give the trader the right to sell an asset at a particular price before or at the expiration date.

Traders place call options when they expect the asset’s price to increase and create put options when they believe the token could drop in value.

Interestingly, Bitcoin’s call options far surpass put options on Deribit, showcasing increased confidence in Bitcoin’s performance. Notably, the Open Interest on put options on the trading platform currently stands at 79,355 BTC worth $3,964,100,463 ($3.96 billion).

Traders Bet on BTC to Hit $60,000
The fact that BTC calls on Deribit have increased to $8.48 billion indicates that most investors are betting on the asset to increase from its current price.

In particular, the majority of these calls, amounting to $642 million, have a strike price of $60,000. This entails that these traders expect BTC to clinch the $60,000 level.
Besides the calls on a Bitcoin rally to $60,000, traders have also placed call options with the hope that BTC surges to $65,000, $75,000 and even $125,000.

The $65,000 strike price has one of the highest notional values, standing at $609 million. This shows that a large number of traders are optimistic of this price goal.

Meanwhile, BTC currently trades for $49,971, with a 4.37% 24-hour rise as it battles to reclaim and retain the $50,000 threshold.

Trade volume for the token has spiked 92% over the past 24 hours to $39,440,390,303 ($39.4 billion). This figure represents Bitcoin’s largest daily volume since Jan. 12.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Blockchain Advisor Identifies Only Way XRP Could Succeed

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HomeCrypto NewsMarketBlockchain Advisor Identifies Only Way XRP Could Succeed
Blockchain Advisor Identifies Only Way XRP Could Succeed
DATE:

FEBRUARY 13, 2024
WRITTEN BY:

SAM WISDOM RAPHAEL
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XRP
XRP
Panos Mekras, a blockchain advisor focused on the XRP Ledger (XRPL) and the founder of Anodos Finance, recently shared what he thinks is the only way the XRPL ecosystem could succeed.

Mekras’ remarks come at a time when the XRPL community has continued to lament the slow growth of the blockchain ecosystem and the underperformance of XRP, its native token. More particularly, these complaints have focused on the lack of smart contracts on the network.

In addition, the ecosystem has also not witnessed as many builders as other relatively newer chains like Solana and Ethereum despite boasting over 1,500 projects as of November 2023. Issues like these have compounded the growing concerns and complaints from community members.

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In a post on X, Mekras aimed to address the concerns surrounding the ecosystem’s slow progress. He suggested that the community adopt an approach that would see the multiple aspects of the ecosystem and all projects building within the ecosystem receive the necessary support for their respective growths.


He identified the XRPL mainnet and projects such as the Xahau sidechain, the upcoming EVM sidechain, the Coreum network, Flare Networks, and the Futureverse. Notably, all these projects have a sort of affiliation or connection with the XRP Ledger.

Escalating Criticisms
However, some of them have not received as much support as they need from community members. For instance, some XRP proponents argued that the Xahau sidechain, built by XRPL Labs, could trigger a shift of focus from the XRPL mainnet.

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Moreover, Thomas Silkjær, Head of Analytics at the XRPL Foundation, contended this week that the upcoming EVM sidechain is the “biggest direct attack” on the XRP Ledger. According to him, the sidechain has no benefit to the XRPL and differs considerably in protocol to the ledger.


Responding to Silkjær, former Ripple Director Matt Hamilton noted that he agrees with the sentiments around the EVM sidechain but asked if Xahau does not pose a bigger threat.

Silkjær stressed that the Xahau protocol, which features Hooks, could be replicated on the XRPL, making it useful for the network. Ripple CTO David Schwartz holds a similar sentiment, recently noting that Xahau could be a good avenue to test Hooks.

A Charge for XRP Community Support
However, in his latest remarks, Mekras argued that all these projects are out to help with the utility of the XRP Ledger as well as XRP as a token.

According to him, they open up new avenues for more use cases and attract builders, developers, and more projects to the XRP Ledger. He noted that they are “great both for XRP and XRPL.”

From the EVM sidechain to Flare’s FAssets project, the XRP ecosystem expects the development of multiple associated projects. Mekras charged the entire community to embrace these new innovations and the new changes, as well as the growing multi-chain ecosystem.

He implored community members to drum their support for the new projects building in the ecosystem and also participate in whatever way they can. According to Mekras, “This is the only way we succeed.”

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.
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