Crypto Bulls Charge On

Despite recent price dips that shook the digital currency landscape, traders remain generally upbeat about the future prospects of
Bitcoin and
Ethereum.

Data from Derive.xyz, a platform focused on on-chain derivatives, shows that market players estimate a 22% likelihood of Ethereum exceeding $5,000 by the end of October.
The outlook for Bitcoin is even more positive, with a 34% probability assigned to it surpassing $120,000 within the same period.

Longer-term projections suggest this bullish sentiment could extend into December.

According to Derive’s data, the odds of Ethereum climbing above $7,000 are around 12%, while Bitcoin has a 26% chance of going beyond $135,000.
These projections indicate that traders are strategizing for potential growth opportunities, even amidst temporary market instability.

This optimism comes after a period of increased market swings, which saw Bitcoin and Ethereum revisit levels of $110,000 and $4,000, respectively.

Derive suggests that

the record $1.7 billion in market liquidations

exacerbated the downturn, causing Ethereum’s implied volatility to jump from 57% to almost 70% on Monday. Bitcoin’s volatility also saw an uptick, reaching approximately 30%.

Derive founder Nick Forster explained to
CryptoSlate
that October could signal a shift in the market, especially considering Bitcoin’s lower-than-usual volatility over the past month, as digital asset treasuries prepare for increased activity.

He stated:

“On Derive.xyz, traders are positioning for a major upside. For BTC, there’s a large cluster of calls around $145,000/$155,000/$170,000 for the October 31 expiry. For ETH, traders are betting on a 10%+ move with concentration at $5,000/$5,200 strikes.”

‘Alt Hyperliquid’

Beyond Bitcoin and Ethereum, a fresh wave of

decentralized exchanges is starting to garner attention.

Forster pointed to the emergence of “alt
hyperliquids,”
projects that aim to serve as central hubs for liquidity across perpetuals, prediction markets, and spot trading.

A prime example is ASTER, the token associated with a perpetual DEX that receives support from
Binance
founder
Changpeng Zhao.
Notably, the platform had

surpassed Hyperliquid’s daily trading volume

for the first time on September 23rd.

This development has fueled significant price increases for the token, with ASTER surging over 2000% since its inception and reaching an all-time high of $2.26, based on
CryptoSlate’s
data. In addition, the total value locked (TVL) on the platform has climbed to $1.79 billion, according to information from DefiLlama.

Meanwhile,
Avantis (AVNT),
another perpetual DEX operating on the Base network, has experienced similar momentum, with its token value doubling from $1.08 to $2.21 in recent weeks.

Forster commented:

“This wave of interest points to a new DeFi trend [reminiscent of] the rise of alternative Layer 1s in the 2020–2022 cycle.”

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