Bitcoin rally fuels record dogecoin perpetual futures trading volume on Kraken
Quick Take Dogecoin has set a 24-hour perpetual futures trading volume record on Kraken, surpassing Ethereum futures volumes for the first time, an analyst said. XRP’s rising institutional interest is driving diversification strategies, with WisdomTree launching an XRP ETP to capitalize on growing altcoin adoption.
Bitcoin's rally toward $100,000 has spurred unprecedented perpetual futures trading activity on Kraken, with dogecoin perpetual contracts setting a 24-hour volume record and surpassing ether for the first time, according to Alexia Theodorou, Kraken's head of derivatives.
"Kraken has experienced a surge in our perpetual contract volumes as a variety of traders have sought leveraged exposure, or to hedge risk throughout the post-election market upturn," Theodorou told The Block. "While a lot of this activity has been concentrated in Bitcoin futures, both Dogecoin and Solana have exhibited greater volatility, presented more trading opportunities this year, and have been clear beneficiaries of the recent rally."
Kraken data shows solana perpetual contracts reached $2.5 billion so far in November, while dogecoin perpetuals hit $2.3 billion, both setting all-time highs. Kraken’s total perpetual trading volume is projected to reach $27 billion this month, nearing the $35.8 billion record set in May 2023.
Altcoin activity has surged since the U.S. presidential election, Theodorou said, with several Layer 1 tokens seeing notable price gains and increased trading activity. CryptoQuant analysts highlighted similar trends, citing rallies in altcoins such as XRP, toncoin, cardano, and solana . The analysts attribute this surge to expectations of a more crypto-friendly U.S. administration.
Altcoin spot trading volume has significantly increased since Donald Trump won the U.S. election. Image: CryptoQuant.
XRP has been a standout, climbing 120% since the election to $1.12, its highest level since November 2021, according to CryptoQuant. This rise coincided with record decentralized exchange activity on the XRP Ledger, which recorded $3.5 million in volume on Nov. 15. Analysts suggest growing institutional interest in diversifying beyond bitcoin and ether is driving the trend.
As risk-on sentiment builds, altcoin exposures like XRP could outperform traditional bitcoin and ether allocations, said Dovile Silenskyte, director of digital assets research at WisdomTree. “XRP can sit alongside these mega caps in a multi-asset portfolio and reduce investors’ exposure to a single token,” Silenskyte said in an email to The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After the US stock market plummeted, "Wood Sister" Cathie Wood said: The more the market worries, the more optimistic I become, the bull market is not over
As the Nasdaq falls into a correction zone, Cathie Wood ("Sister Wood") stated that the prevailing market anxiety actually makes her more confident in the continuation of the bull market. She attributes this correction to pressures in the bond market and controversies over AI capital expenditures, but emphasizes that the technological revolution is still ongoing. She also revealed that ARK has used the opportunity to increase its holdings in high-conviction positions such as SpaceX, and expects the stock market to perform well through 2027.
After the "Black Week" for tech stocks, Wall Street calls for "bottom fishing"
Morgan Stanley has made it clear that "the next two to three weeks are the time to increase positions." Ed Yardeni characterizes the current downturn as a "correction" rather than the bursting of a bubble. Major Wall Street institutions have an average year-end target for the S&P 500 of 7,973 points. However, most strategists believe that the direction of AI policy remains the largest variable.
CoreWeave writes to Texas governor-elect seeking "data center consultation"
In this open letter, Michael Intrator stated that CoreWeave "strongly supports" Hinojosa's principled position that the growth of data centers must benefit the people of Texas. "We welcome the opportunity to work with your transition team to responsibly advance approved projects and to establish clear and lasting standards for future developments," he said.
Crypto prices
More
