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There has been a shakeup in the cryptocurrency futures market in the month and a half since Bitcoin and the rest of the digital asset industry collapsed on March 12.
After “Black Thursday,” BitMEX has lost a portion of its futures market to Binance, reports crypto intelligence firm Coin Metrics.
BitMEX says it suffered two distributed denial of service (DDoS) attacks amid the March collapse of Bitcoin, which caused 156 accounts to suffer losses as a result of late processing of market orders. Since then, the cryptocurrency and derivatives exchange platform has lost market share in both volume and open interest.
That has been a blessing for Binance, which now generates around 25% of all futures volume in the crypto market. It says metric coins,
“This can have a continuing impact on the crypto markets, especially given BitMEX’s outsized influence on price discovery. Only time will tell if BitMEX can regain lost market share, or if the market is experiencing real changing of the guard ”.
Meanwhile, the number of active Bitcoin addresses is on the rise. The increasing activity of the network may indicate that new operators are entering the market despite the collapse. Coin Metrics reports 12.1% week-to-week growth in daily active addresses.
Stable currencies have been thriving in the month and a half since Black Thursday, earning $ 1 billion in market capitalization since the beginning of the month. That was primarily due to Tether issued on Ethereum (USDT_ETH), which grew from $ 4.43 billion to $ 5.14 billion in the first 19 days of April.
Most of the stablecoins are released as ERC-20 tokens, but their impact on Ethereum remains a point of contention. Stablecoin’s growth could increase demand for Ethereum because they require ETH for transaction fees.
Still, in the long run, stablecoins have the potential to take on the role of ETH in the crypto space, according to Coin Metrics, by providing some of the same functions.
“ETH has a credible claim as money within the crypto space, but stablecoins challenge this view. Stable currencies have the potential, due to their low volatility, to become the store of value, medium of exchange, and unit of account for crypto transactions and smart contracts that need to store value. “
