Deribit, the world’s largest crypto derivatives exchange, announced the launch of three altcoin options: Solana (SOL Coin), XRP and Polygon (MATIC). Deribit first launched SOL on Monday. After this, the Solana price reached a 2-year high of $155.
XRP and MATIC options trading started on Deribit
Crypto derivatives exchange Deribit opened XRP and MATIC linear options trading on March 12 at 11:00 UTC. All of these new options will use USDC as the settlement currency. This is different from Deribit’s existing BTC and ETH inverse options, which use the base currency as collateral.
Deribit said Deribit’s new offerings are the latest step for the exchange to offer quality products with deep liquidity. Additionally, USDC as the settlement currency offers advantages such as trading different altcoin options and less hedging requirements compared to BTC and ETH settlement. Deribit’s chief commercial officer, Luuk Strijers, made the following statement:
Solana eliminates the need to rebalance collateral when holding positions in multiple altcoins such as MATIC and XRP, reduces the need for hedging for those aiming to maintain a stable USD position, and simplifies profit and loss calculations.
XRP, MATIC, SOL Coin target price
Deribit revealed on March 11 that the first few trades in Solana options included $180 calls. This shows that traders expect an increase of over 20% in SOL price before March 29.
Investors were predicting that the SOL Coin price would break at least $155 before March 13. cryptokoin.comAs you follow from , SOL Coin price reached 155 dollars today. However, it later lost altitude. Solana futures open interest increased by 5% on the day to $2.41 billion. SOL futures OI on Binance, Bybit, and OKX has continued to rise over the last hour, indicating a bullish $170-180 in SOL price. However, at the time of writing, SOL Coin was trading at $146, down 0.5% on a daily basis.
Meanwhile, the first few options trades on XRP consist of $0.74 and $0.9 calls and $0.69 puts. Traders expect the XRP price to rise to $0.9 before March 29. In fact, XRP futures data also showed a major bullish trend. Total XRP futures open position increased by over 25% in the last 24 hours, reaching over $1 billion. XRP futures OI on Binance rose 32% to almost $372 million.
According to Deribit trades, MATIC has a lower chance of rising due to equally strong open interest. Total MATIC futures OI fell over 5% to $362.68 million. Investors should conduct their own research before investing based on the data presented here.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!