**Deribit Launches Altcoin Options: Solana, XRP, and Polygon (MATIC)**
Deribit, the world’s largest crypto derivatives exchange, has recently announced the launch of three altcoin options: Solana (SOL), XRP, and Polygon (MATIC). This move has generated significant interest and excitement among traders.
**XRP and MATIC Options Now Available on Deribit**
On March 12, Deribit introduced linear options trading for XRP and Polygon (MATIC) on its platform. These new options markets will utilize USDC as the settlement currency. This is a departure from Deribit’s current BTC and ETH inverse options, which require the base currency as collateral.
According to Deribit, these new offerings are part of their ongoing efforts to provide high-quality products with deep liquidity. The use of USDC as the settlement currency offers several advantages, including the ability to trade different altcoin options and reduced hedging requirements compared to BTC and ETH settlements.
Deribit’s chief commercial officer, Luuk Strijers, explained that using USDC eliminates the need for collateral rebalancing when holding positions across multiple altcoins like Solana, MATIC, and XRP. It also simplifies profit and loss calculations for those aiming to maintain a stable USD position.
**Target Price Projections for XRP, MATIC, and SOL**
Recent trading activity on Deribit indicates bullish sentiment for Solana. The first few trades on Solana options were calls for $180, suggesting that traders anticipate a more than 20% increase in SOL price before March 29.
Traders were also confident in Solana’s ability to surpass $155 before March 13. As predicted, SOL price reached a new 2-year high of $155 today. Currently, Solana is trading at $152.04, reflecting a 3% increase in the last 24 hours.
Additionally, Solana futures open interest has risen by 5% in the past 24 hours, reaching $2.41 billion. The futures open interest on platforms like Binance, Bybit, and OKX continues to grow, indicating a bullish outlook of $170-180 for SOL price.
Similarly, the first few option trades on XRP include calls for $0.74 and $0.9, as well as puts for $0.69. Traders expect XRP price to rally to $0.9 before March 29. The data from XRP futures also demonstrates significant bullish sentiment, with total open interest increasing by over 25% in the last 24 hours to over $1 billion. On Binance alone, XRP futures open interest surged by 32% to nearly $372 million.
As of now, XRP is trading at $0.694, reflecting an 11% increase in the past 24 hours. The daily high and low for XRP are $0.742 and $0.617, respectively.
On the other hand, MATIC options trading indicates a higher number of calls for prices like $1.2, $1.4, and $1.6. However, equally strong put open interests suggest that MATIC’s chances of rallying are limited. The total MATIC futures open interest has decreased by over 5% to $362.68 million.
The price of MATIC has also experienced a slight decline of nearly 2% in the past 24 hours, with the current trading price at $1.19. The daily low and high for MATIC are $1.17 and $1.25, respectively. Additionally, trading volume has dropped by 25%. It is important for investors to conduct their own research before making any investment decisions based on this data.
**Hot Take: Altcoin Options on Deribit Present Exciting Opportunities for Traders**
The launch of altcoin options on Deribit, including Solana, XRP, and Polygon (MATIC), has opened up new possibilities for traders. With the ability to trade these altcoin options using USDC as the settlement currency, investors can benefit from advantages such as reduced hedging requirements and simplified profit and loss calculations.
Furthermore, the target price projections for SOL, XRP, and MATIC indicate significant potential for price movements in the coming weeks. Traders are optimistic about SOL’s ability to surpass $155 and even reach $180 before March 29. Similarly, there is bullish sentiment surrounding XRP’s rally to $0.9.
While MATIC options trading suggests limited chances of a rally due to strong put open interests, traders can still explore opportunities in this market. It is crucial for investors to stay informed, conduct thorough research, and assess their risk tolerance before engaging in any trading activities.
In conclusion, the introduction of altcoin options on Deribit represents an exciting development in the crypto derivatives market. Traders now have access to a wider range of options for Solana, XRP, and Polygon (MATIC), with the potential for significant price movements in the near future. By leveraging these opportunities and staying informed about market trends, traders can make informed decisions and potentially achieve profitable outcomes.
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