Crypto Shuttle News

Tag: Open

Dogecoin Open Interest Hits Record $2.2 Billion
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The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.

This recent bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest point in three years. However, the question is – how far can this rally go for the foremost meme token?

Dogecoin Open Interest Breaks Above $2 Billion

According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.

Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.

The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.

It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.

Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.

DOGE Price Overview

As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.

According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.
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Dogecoin price sees slight correction on the daily timeframe | Source: DOGEUSDT chart on TradingView
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Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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March 31, 2024
Meet Kryptology: Coinbase’s Open Source Cryptography Library

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We’re excited to announce the open sourcing of Kryptology. Kryptology is a cryptographic library for the Crypto community that will enable and empower developers to create novel crypto innovations with state-of-the-art cryptography.

At Coinbase, cryptography is a first-class citizen. We’re passionate about cryptography as a driver for innovation in crypto. It is the most important mechanism for delivering delightful user experiences, and it enables privacy solutions that will change the security paradigm.

Why do we believe this?

Crypto is founded on cryptographic innovation. As described in Bitcoin’s academic pedigree, Bitcoin used existing, but not-yet-production, academic cryptography (hashcash, Chaum’s E-cash, Merkle trees) with economic game-theory to solve the Byzantine Generals problem.

Crypto changes cryptography. The feedback loop is running at warp speed. Cryptographers created private transactions with zero-knowledge techniques in ZCash, The Internet Computer is built on new cryptographic breakthroughs, Monero uses ring signatures to gain confidentiality, skale is using BLS to create roll-ups to improve scale and reduce storage on-chain, and Mina and ZCash use Halo 2 and Pasta.

Coinbase also strives to bring near-future cryptography into production. zkSNARKS and Cryptographic Accumulators, FROST, and Threshold Signing.

While enabling further innovation is our primary goal, we also aim for Kryptology to elevate the standard for what is considered to be a robust, usable cryptographic library. The library provides developers with a toolbox of secure, audited, and easy-to-use APIs. Kryptology is designed to be misuse-resistant (i.e., “hard to screw up”), so developers can focus on what they do best. We hope this translates to more projects that build and grow the crypto ecosystem.

A guide to Kryptology, including full documentation, can be found in the repository. This includes common development issues and lessons learned from our years of experience with cryptographic implementations. We hope these learnings will be uniquely valuable for others that want to support developers and build great user experiences. Over time, our goal is to support a thriving ecosystem of new and working cryptography for many more applications. Check out our open source guidelines or get started here.

If you are interested in cutting-edge cryptography, Coinbase is hiring!

Meet Kryptology: Coinbase’s Open Source Cryptography Library was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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December 6, 2021
Ethereum CME Open Interest, Why Trading Volume Ballooned

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Ethereum has been slowing down on its bullish momentum. The second cryptocurrency by market cap trades at $3,066 with a 4.2% loss in the daily chart.

ETH moving sideways in the daily chart. Source: ETHUSD Tradingview

After two weeks of profits and an incredible rally from the low at $2,000, mostly driven by the implementation of EIP-1559, Ethereum could see some downside in the short term.

The In/Out of the Money Around Price (IOMAP) metric, used to measure the average purchase price of a crypto asset and compared it to its current price, from IntoTheBlock suggests Ethereum sits at “stable support”.

Analyst Ali Martinez shared the chart below and indicated that over 230,000 addresses bought 7,33 million ETH between $2,970 and $3,080. Thus, ETH’s price must hold above these levels to prevent a bearish trend in the short term. Martinez added:

Any downswing below this price range could encourage investors to book profits quickly before their investments go “Out of the Money.”

ETH’s price IOMAP. Source: IntotheBlock via Ali Martinez

One of the key drivers for Ethereum has been institutional adoption that sees great potential in its ecosystem. Additional data provided by Arcane Research suggests adoption is still on the rise with ETH-based derivatives on the rise.

The research firm has recorded an increase in open interest (OI) for Ethereum futures on the Chicago Mercantile Exchange (CME). The ETH trading volumes have been gaining dominance and stand at around 30% of Bitcoin (BTC) and the open interest at 27%.

The OI of CME’s EH futures currently sits at an all-time high of $650 million. The OI of the bitcoin futures sits at $1.8 bn but is down substantially from its Feb 18^th peak of $3.3 billion. Ether futures now account for 26.5% of the total OI in CME’s crypto futures.

Source: Arcane Research

Ethereum Takes Market Share Away From Bitcoin

The OI also suggests that institutions are “eagerly” building up their Ethereum (ETH) positions at the moment, Arcane Research said. Most likely, a consequence of the EIP-1559 and the expectations of future appreciation due to the network’s new fee model.

Source: Arcane Research

As the chart shows, ETH futures trading volume has been on a rise since mid-April 12 and only slow down during May and July’s crypto market crash. During this time Ethereum went as low as $1,650 but was able to quickly recover both in price and in the aforementioned metric.

The daily trading volume of the CME ETH futures has also seen a significant uptick in market share recently. On Friday, Aug 13^th, the trading volume of the ETH futures accounted for 33% of the total trading volume in CME’s crypto futures. With the increased dominance of the ETH futures and the growing contango, a bullish sentiment around ETH among institutional investors seems to be brewing.

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August 18, 2021