Markets Today: OKB, FART Surge as Ether Races Toward Record Highs

Open interest in ether futures has increased significantly, indicating bullish sentiment among traders.

• The crypto market saw significant rallies in altcoins, with ether nearing record highs and bitcoin showing a more restrained gain.
• Open interest in ether futures increased significantly, indicating bullish sentiment among traders.
• OKB surged more than tripled following a major token supply cut and network upgrade, while Eden Network announced its shutdown due to competitive pressures.

The crypto market was a sea of green early Wednesday, with altcoins including OKB, PUMP, BNSOL, JITOSOL and SOL chalking out double-digit gains alongside ether’s rapid surge toward record highs.

“Bitcoin rose by a modest 0.4% during the day and remains 2% below the levels of 30 days ago — clear evidence of the market’s switch to altcoin-mode,” Alex Kuptsikevich, the chief market analyst at the FxPro said.

Ether’s (ETH) price rise is accompanied by fresh capital inflows into CME-listed futures, where open interest in standard contracts sized at 50 ETH has increased to 1.85 million ETH, up from 1.5 million ETH just over a week ago.

Traders appear to be positioning for an upside as the annualized three-month basis has topped 10%. In bitcoin’s (BTC) case, CME basis remains near 7.5%.