On Monday, August 1st, data from Glassnode revealed that the open interest on Ethereum Options exceeded that of Bitcoin Options on the Deberit exchange. Deberit is the most advanced crypto derivatives trading platform, and that would be the first time Ether’s interest would surpass Bitcoin’s on the platform.
The Open interest in assets reveals the volume of long and short trades active on the platform. The recent stats indicate that Ethereum’s cumulative options trading volume on Deberit overtook the volume of Bitcoin, the world’s largest cryptocurrency, with a current market dominance of 41%.
Bitcoin vs. Ethereum – A Battle of Two Kings
Bitcoin, being the first cryptocurrency, has dominated the crypto market since its inception. However, the Ethereum blockchain has proven more useful and has been tipped to take over Bitcoin’s dominance in the coming years.
Ether is still the King of altcoins, and the asset has the largest TVL compared to other cryptocurrencies. It also seems that the upcoming milestones set to be sealed in the Ethereum ecosystem have attracted interest from more individuals to the network.
In the past week, Ether has gained 14% in value. On the other hand, Bitcoin has gained about 8%. Aside from the short-term outlook, Bitcoiners believe the flagship currency will eventually reach the $100,000 mark, while Ethereum holders believe Ether will hit the $10,000 mark.
Bitcoin has a large projected future value due to its limited supply. With the upcoming Ethereum merge, long-term holders of ETH will also benefit from the reduction in the supply of the asset.
In comparison with Bitcoin, Ethereum’s dominance is minimal. Ether has a market dominance of 18%, and doubling Ether’s market capitalization would still not make ETH superior to Bitcoin in terms of market dominance.
Despite Bitcoin’s dominance, Ethereum will have most of the attention in the meantime, which may not stop until the Ethereum merge is complete. The merge will occur on the 19th of September if there are no further delays.
