2021 has already been an explosive year for cryptocurrencies, and it is only just the beginning. Bitcoin’s unstoppable rally has spilled into altcoins like Ethereum, and it has resulted in prices and open interest of both reaching new all-time highs early in the new year.
The trend and momentum look to continue further, making this year potentially the most profitable for crypto markets. But this opportunity is only possible if the platform you rely on can handle the notorious volatility of cryptocurrencies. Here’s why the speed of Phemex is so critical to taking full advantage of record-breaking futures open interest.
With New Price ATHs, Bitcoin And Ethereum Futures Open Interest Also Break New Records
Last year, the coronavirus pandemic gave new life to digital assets like Bitcoin. In addition to acting as a contactless form of payment, these digital currencies offer the ability to transact over the internet without the need for a third-party and offer hard-coded digital scarcity.
Efforts to stimulate nations’ economies have only resulted in more fiat money being printed, which further inflated the prices of Bitcoin and other crypto-assets.
Once the top cryptocurrency set a new price record, futures trading activity, which allows traders to speculate on the future price of Bitcoin, has surged to an all-time high in open interest according to data from Glassnode.
Open interest represents capital currently trading in assets, signaling that more and more investors and traders are interested in Bitcoin than ever.
The same sentiment sent Ethereum to a new all-time high next, and more and more altcoins are bound to follow in the same footsteps now that the bull market is here.
Digital Gold Standard: Phemex Futures Offer Industry-Best, Lightning Fast Order Execution
Bull markets mint new millionaires each day, and this one will be no different for those that take advantage of this once in a lifetime opportunity. Surging open interest already at record-breaking levels and still climbing shows that so many don’t want to let this rare chance pass by.
Buying Bitcoin at this price isn’t quite as attractive as it used to be when each BTC cost $3,000 apiece. A well-timed long position with leverage through futures trading platform Phemex can make up for missing the early Bitcoin breakout and bring life-changing ROI.
At this price, Bitcoin’s volatility means much larger price swings, which also means that it is more critical than ever to choose a futures trading platform with lightning speed. These days, Bitcoin, Ethereum, and other assets are rising and falling 20% or more intraday, with enormous one-minute candles.
Slow order execution can result in massive slippage, putting capital at unnecessary risk. Global trading platform Phemex is known for its speed, and therefore low spreads, allowing traders to get into the position they want while keeping the risk of loss or getting preemptively stopped out to a minimum.
Phemex, specifically, is responsible for a lion’s share of the open interest surge shown above. Internal aggregate data implies that open interest on the platform has grown anywhere from three-fold to five-fold since August 2020.
Open interest on the platform is only growing month-over-month, matching the overall crypto market trend seen with Bitcoin and Ethereum. This also means that liquidity on the platform represents some of the best out of any trading platform.
Phemex also offers futures trading for 12 other altcoins, including Ethereum, Chainlink, Polkadot, and other top assets. It is also one of the only crypto futures trading platforms that also offers contracts for gold.
For reasons like the above and many more, Phemex has become the gold standard for crypto futures trading. To learn more about the platform’s unrivaled order execution speed and low slippage, visit Phemex.com.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
I publish syndicated news from around the globe to help your crypto trading knowledge.