Report Binance: futures on altcoins prevail
Report Binance: futures on altcoins prevail

Report Binance: futures on altcoins prevail

By Alfredo de Candia - 8 Jul 2020

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The June report by Binance on its futures has just been published, providing data on the use of these instruments during the last month.

The report begins with data on Bitcoin, explaining how since October of last year its volatility is in the norm, excluding the crypto crash and the increase after the halving. The price of BTC is still failing to exceed the $10,000 threshold.

Analyzing instead the performance of several cryptocurrencies and related perpetual contracts, we can see that the general trend is negative: for example, ETC has lost 17%, although in the meantime VET has recovered 41%.

There is also reference to the addition of 6 new futures on Binance, increasing the offer to 31 assets. In particular, they have: 

  • ALGOUSDT, with 50x leverage;
  • ZILUSDT, with 50x leverage;
  • KNCUSDT, with 50x leverage;
  • ZRXUSDT, with 50x leverage;
  • COMPUSDT, with 50x leverage;
  • OMGUSDT, with 50x leverage.

In June, several BTC/USD futures with 125x leverage were also launched.

Another negative figure is that relating to daily volumes involving futures: in fact, in June there was a constant drop of 36% and an average of only 2.9 billion dollars, a loss of 34% compared to May.

Users prefer futures on altcoins

Another interesting finding that emerges in the report is the demand for futures contracts for other crypto assets, which has seen an increase of 26%, thus more and more users prefer other assets over the more renowned Bitcoin.

As for the interest in futures, the report speaks of a monthly growth of 180%, around 580 million dollars, this share belongs for 67% to bitcoin.

If however we take the data of the ratio between long and short positions, then in this case we can see a long pattern when the price of bitcoin falls, and in fact 55% of the positions are long.

The report ends with a question, will Bitcoin (BTC) break the 10 thousand dollar wall or will it fall below 8 thousand?

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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