Bitcoin Bull Run Fuels Dogecoin trading volume on Kraken
Release: 2024/11/22 02:14 Reading: 800
Bitcoin's Surge Fuels Record-Breaking Trading on Kraken's Derivatives Platform
Bitcoin's ascent towards $100,000 has ignited unprecedented trading activity on Kraken's derivatives platform. According to Alexia Theodorou, Kraken's head of derivatives, Dogecoin perpetual contracts surpassed Ethereum in 24-hour trading volume for the first time.
Kraken recorded $2.5 billion in Solana perpetual contract trading in November, a record high. Dogecoin also achieved an all-time high of $2.3 billion in trading volume. Total perpetual trading volumes on Kraken are projected to reach $27 billion this month, nearing the platform's record of $35.8 billion set in May 2023.
"Kraken has witnessed a substantial increase in perpetual contract volume as traders seize opportunities and manage risks amid the post-election market surge," said Theodorou. "While Bitcoin futures reign supreme, Dogecoin and Solana have exhibited higher volatility, presenting more trading opportunities and benefiting from the recent rally."
The U.S. presidential election has sparked heightened activity in altcoins, particularly Layer 1 tokens. CryptoQuant analysts have observed notable gains in XRP, Solana, Toncoin, and Cardano, attributing the rally to optimism about a potentially more crypto-friendly U.S. administration.
XRP has emerged as a star performer, surging 120% since the election to reach $1.12, its highest price since November 2021. This rise coincided with a record $3.5 million in decentralized exchange activity on the XRP Ledger on November 15.
Dovile Silenskyte, director of digital assets research at WisdomTree, emphasizes that growing institutional interest is broadening the focus beyond Bitcoin and Ethereum. Altcoins like XRP provide diversification to multi-asset portfolios, reducing reliance on mega-cap tokens.
Leveraging this momentum, WisdomTree has introduced the WisdomTree Physical XRP (XRPW) exchange-traded product. Listed on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext in Paris and Amsterdam, this ETP offers European investors access to XRP with a 0.50% management fee.
As risk appetite strengthens, analysts predict altcoins may continue to outperform traditional Bitcoin and Ethereum allocations in the coming months.
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