Crypto
Altcoin Leverage Surges Past Bitcoin, but Altseason Remains Uncertain
The open interest of altcoins surpassed that of Bitcoin on September 6 for the first time since December 2024. This shift indicates a rise in leverage on Zcash, XRP, and Solana.
ZEC's open interest approached $2.4 billion after a strong price surge, with a 134% increase in one month to temporarily exceed $1000.
However, this does not necessarily mean an altseason is underway, as other indicators do not yet confirm it. Bitcoin still represents nearly 37% of the open interest of perpetual contracts.