Tuesday 24 November 2020 10:56 am | Updated: Tuesday 24 November 2020 11:40 am

A New Chapter

By: Crypto AM Daily in association with BEQUANT

End of the Future

As noted in the recent commentary the price action this week is expected to be impacted by the looming derivatives expiries, said otherwise range bound trade and any dips are expected to be bought up promptly. Still, despite the aforementioned expiries the curve structure remained rather steep and the open interest (OI) rose to a new record high.

Unlike the dynamic recently, this boost in the OI was led by Bitcoin margined products, with the OI on Huobi rising towards $750mln and OKEx through the $1.2bln. Interestingly, the OI also rose on Bitmex, where the metric is now at its highest level since late September at around $750mln.

In the Markets

Lord of the Alts

Elsewhere, XRP continued to surge higher and is now up 196% month-to-date. Alongside it, XLM’s strong positive correlation finally came to fruition and Stellar also posted strong gains, at the time of writing it was trading up close to 30%.

As a reminder, only recently it was reported that Ripple for the first time bought $46mln worth of XRP in the Q3 of 2020, that is despite already owning nearly half of the supply. The company said the purchase was made to support “healthy markets,” possibly referring to creating interest around XRP.

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