Amid Bitcoin's consolidation, Ethereum and altcoins show a sharp increase. Expirations are affecting market volatility.
Ethereum and Altcoin Growth
Ethereum (ETH) has surged by over 20% in the past week. Altcoins like XRP, Cardano (ADA), Dogecoin (DOGE), and Stellar (XLM) have also seen significant increases.
Cryptocurrency Options News
Today, as every Friday, the expiration of option contracts in the crypto market is happening. According to data for the third week of July, $4.95 billion worth of Bitcoin options and $880 million worth of Ethereum options will expire on Deribit. The Put/Call Ratio for BTC options is 0.78, with a maximum pain point at $114,000. For Ethereum, the Put/Call Ratio is 1.04, with a pain point at $2,950.
Market Sentiment Changes
Analysts at Greeks.live noted that Ethereum has quickly taken over the bull market and sentiment has shifted sharply to optimism. Market participants are becoming increasingly concerned about the growing activity of institutional investors. "Ethereum led the recovery of all altcoins, and the continued uptrend without a pullback greatly encouraged market participants."
Currently, significant volatility is expected due to the expiration of Bitcoin and Ethereum options, creating conditions for further market changes.
