According to CoinDesk: Crypto traders are turning their attention to alternative cryptocurrencies as 2023 comes to a close, leading to a decline in Bitcoin's open interest dominance. Bitcoin's share over the past two months has dipped from nearly 50% to 38% in futures open interest. Despite this falling trend, Bitcoin's value has surged over 60% since October 1, driven by lower Treasury yields and expectations of the U.S. SEC approving Bitcoin spot ETFs soon.
Currently, Bitcoin's year-to-date increase is up an impressive 161%, with ether, the second-largest cryptocurrency, also trading 88% higher. Altcoins' share has also seen a considerable increase in recent times, rising from 32% to 41%, while Ethereum's dominance has stayed around 21%.
The decline of Bitcoin's dominance in open interest in futures is interpreted by many experts as an indication of a renewed risk appetite in the crypto market. The current scenario underscores an observed trend where the crypto market sees renewed interest in higher volatility options, such as altcoins, following a noticeable uptrend for Bitcoin.
Bitcoin remains the leading cryptocurrency by market value, but the diversification of interest and resources in the crypto futures trading signifies a broader spectrum of opportunities in the digital asset class.
