Altcoin Open Interest Surpasses Bitcoin for First Time Since December 2024
Digital FinancePrice Action
Altcoin perpetual futures open interest surpassed Bitcoin's on September 6, marking the first such crossover since December 2024, with altcoin open interest reaching roughly $40 billion versus Bitcoin's $23.9 billion. Zcash led the surge, with its open interest hitting a record $2.4 billion as the token's price jumped 134% in 30 days, briefly touching $1,023 on September 4. Solana, XRP, and Ethereum also contributed, each outperforming Bitcoin's 24% monthly gain, though they remain more than 40% below year-ago levels. Spot demand appears to be supporting the move, as altcoin market capitalization outside the top 10 has climbed above $200 billion, up over 10% since September. However, the last time this crossover occurred in December 2024, several mid-cap altcoins corrected sharply within weeks, and heavy leverage in Zcash poses a risk of forced liquidations if prices reverse.
