PowerTrade Sees Surge in Altcoin Options Activity Amid Market Volatility
PowerTrade's options market for altcoins has seen increased activity due to heightened market volatility. Key points include:
- XRP options trading volume exceeded $5 million, focusing on short-dated expirations.
- Activity includes balanced flows between put options at strikes of $1.80 to $1.98 and call options at $1.80 to $1.93.
- XRP’s price fluctuated, dropping to a five-month low of $1.61 before rebounding to $2.
- Hedging in SOL options occurred with puts at strikes of $104 to $121; SOL briefly fell to $95 but recovered to $115.
- Dogecoin saw speculative interest, trading from 13 cents to 15.7 cents, with popular call options at 14.5, 15.5, 17.5, and 18 cents expiring on April 13.
- Market dynamics indicate momentum trading influenced by social media and event-driven catalysts.
- The altcoin options market remains smaller than the bitcoin and ether options markets.