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Swipe Futures Volume Equals 42% of Its Market Capitalization
SXP futures volume signal continued interest in low-capitalization cryptocurrencies as bitcoin continues to trade in a tight range.
Swipe (SXP) futures volumes – $45 million at last check – equal 42% of its total market capitalization, a possible sign the market is overextended.
STORY CONTINUES BELOW
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- SXP futures is the second-largest futures market on FTX, the only cryptocurrency exchange with SXP futures.
- The 24-hour trading volume of SXP futures is only $21 million less than bitcoin, FTX's largest market, and 58% larger than ether futures, its third-largest market.
- SXP volumes signal cryptocurrency traders’ increasing interest in cryptocurrencies with low market capitalizations as bitcoin continues to trade in a tight range above $9,000.
- FTX launched SXP futures on July 13 shortly after Binance acquired the crypto wallet company behind the token.
- FTX is the sixth-largest cryptocurrency exchange by open interest, according to CoinGecko.
- Swipe futures volume relative to its market capitalization could well be a sign that the market is overextended, said Sam Bankman-Fried, CEO of FTX. Or it could be the market capitalization is just too low, he added.
- Swipe's market capitalization is currently $108 million, nearly $300 million smaller than dogecoin's, according to CoinGecko.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
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