Bitcoin 6% Price Fall Sparks Open Interest Plunge – Altcoins The New Frontier?

Recent trends in the cryptocurrency market have actually shown a definite materialization of change in trading dynamics, especially when the open interest of Bitcoin is depressed and that of the altcoins surges, particularly Ethereum. This indeed evidences how traders are shifting their capital to look for greener pastures in the altcoin market.

According to Santiment’s analysis, there is currently $11.487 billion in open interest for Bitcoin overall. Margine, options, and futures holdings dropped 7.5% over 24 hours following a price decrease from the $64,000 range to roughly $62,885.

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