Dogecoin Perpetual Contracts Break Records, Surpassing Ethereum in 24-Hour Trading Volumes on Kraken's Derivatives Platform

Bitcoin's surge toward $100,000 has fueled unprecedented trading activity on Kraken's derivatives platform. Dogecoin perpetual contracts broke records

Kraken’s derivatives platform has seen record-breaking activity as Bitcoin surges toward $100,000.

According to Alexia Theodorou, Kraken’s head of derivatives, Dogecoin perpetual contracts have hit new highs, surpassing Ethereum in 24-hour trading volume for the first time.

“We're seeing a lot of activity in the crypto markets, and traders are using perpetual contracts to either amplify their gains or hedge against any potential downturns,” said Theodorou.

This November, Solana perpetual contract trading reached $2.5 billion on Kraken, while Dogecoin perpetual contract trading hit $2.3 billion, both marking all-time highs on the platform.

Overall, perpetual trading volumes on Kraken are set to reach $27 billion this month, approaching the platform’s record of $35.8 billion, which was set in May 2023.

“Kraken has seen a significant increase in perpetual contract volumes as traders leverage opportunities or hedge risks during the post-election market upswing,” Theodorou added.

“While Bitcoin futures are leading the activity, Dogecoin and Solana have shown higher volatility, which creates more trading opportunities and has benefited from the recent rally.”

The U.S. presidential election has led to increased activity in altcoins, particularly Layer 1 tokens.

According to analysts at CryptoQuant, XRP, Solana, Toncoin, and Cardano are among those seeing strong gains, which are being attributed to optimism around a potentially more crypto-friendly U.S. administration.

XRP has seen a standout performance, surging 120% since the election to reach $1.12, marking its highest price since November 2021.

This rally coincides with a record $3.5 million in decentralized exchange activity on the XRP Ledger on Nov. 15.

Highlighting the shifting landscape, Dovile Silenskyte, director of digital assets research at WisdomTree, notes that increasing institutional interest is broadening the focus beyond Bitcoin and Ethereum.

“Institutions are looking at altcoins like XRP to diversify their multi-asset portfolios, reducing over-reliance on mega-cap tokens,” Silenskyte said.

Capitalizing on this momentum, WisdomTree has launched the WisdomTree Physical XRP (XRPW) exchange-traded product (ETP).

The ETP, which is listed on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext in Paris and Amsterdam, provides European investors with access to XRP, subject to a 0.50% management fee.

As risk-on sentiment continues to build, several analysts are projecting that altcoins may continue to outperform traditional Bitcoin and Ethereum allocations in the upcoming months.