Altcoins Solana, XRP, Dogecoin Top Open Interest Surge

• Altcoin derivatives OI surpasses Bitcoin, with a 41% market share.
• Bitcoin’s derivatives market dominance drops to 39% as altcoins rise.
• Solana, XRP, and Dogecoin lead altcoin futures open interest.

Evidence indicates that the market for alternative cryptocurrencies is quickly overshadowing Bitcoin , with a greater amount of capital being invested in derivative contracts for altcoins rather than BTC. Specifically, data from the derivatives market monitoring website Coinalyze has shown a decline in Bitcoin’s predominance concerning Open Interest (OI).

One month prior, the open interest (OI) for Bitcoin, which is the total of all outstanding Bitcoin futures or options contracts in the market, amounted to $10.16 billion. Concurrently, the altcoin market’s OI, except Ethereum , was at a lesser value of $8.10 billion. As a result, as of November 27, Bitcoin maintained a dominance of 42% in the market.

At the same time, the dominance of Bitcoin in open interest increased to 44%, hitting a maximum value of $11.43 billion in dollars at the beginning of this month. Yet, there has been a considerable change in the trend, as Bitcoin’s dominance has declined compared to alternative cryptocurrencies.

According to data from Coinalyze, as of December 26, Bitcoin’s share of the derivatives market has fallen to 39%. Concurrently, altcoins have taken a 41% share of the total open interest, with derivative contracts holding an investment of $12.22 billion.

Significantly, Ethereum’s share in the futures market, which stood at 23% at the beginning of the month, has decreased to 21%. However, the amount of money invested in Ethereum futures has risen from $5.95 billion to $6.26 billion.

Additionally, data from Coinalyze indicates that altcoins have overtaken Bitcoin and Ethereum in terms of volume dominance in the futures market. Specifically, altcoins have achieved a dominance of 66% with a trading volume of $54.33 billion, while Bitcoin’s volume represents 22% and Ethereum’s accounts for 12%.

Significantly, the alternative cryptocurrencies at the forefront of the open interest measurement are Solana with $1.3 billion, XRP with $561.9 million, and Dogecoin with $428.5 million. Furthermore, the trading platforms with the highest volume of futures and options trading are Binance, with $13.2 billion, Bybit, with $8.2 billion, and OKX, with $4.8 billion.