摘要：Accordingtothedatashownonthewebsite,therewasanotablesurgeofover10%intheopeninterestwithinaspanof24hours,resultinginthecumulativeopeninterestsurpassing1004millionAVAX#Binancenowholdsasignificantportion...
The open interest of $AVAX has exhibited a constant upward trend over the past month, exerting an influence on the price movement of the cryptocurrency. The outcome of this ongoing ascent is the observation that the open interest has currently escalated to levels comparable to those observed in May 2022. This occurrence has the potential to signify a substantial spike in the price.
The open interest of AVAX has experienced a significant surge, reaching a value of $224 million.
Based on the statistics provided by Coinglass, the open interest of AVAX has reached a value of $224 million. According to the data shown on the website, there was a notable surge of over 10% in the open interest within a span of 24 hours, resulting in the cumulative open interest surpassing 10.04 million AVAX.
#Binance now holds a significant portion, almost 50%, of the total open interest, which amounts to 4.48 million AVAX, equivalent to a value slightly beyond $100 million. This observation implies that a significant proportion of the demand originates from the cryptocurrency market. There was a notable 9.94% surge in the overall open interest during the span of 24 hours.
The ByBit exchange holds the second-largest open interest, with a total value of 2.04 million AVAX , equivalent to $46.09 million. BingX secures the third position, possessing a total of 1.24 million AVAX, which is equivalent to a value of $27.59. However, none of these transactions provide an explanation for the most significant increase observed during the past 24 hours.
The Bitmex exchange had a significant increase in open interest, seeing a rise of 17.78%. This surge resulted in the crypto exchange's total open interest reaching 55,340 AVAX, equivalent to $1.53 million. In aggregate, the open interest in the cryptocurrency has experienced a notable increase, surging from $82.8 million on October 20 to $224 million on November 20. This signifies a substantial growth of 170% within a span of one month.
The current level of #AVAX open interest indicates a historical precedent where the price was significantly higher, hence suggesting the potential for a rally over the $30 mark. According to the data provided by Coinglass, it can be observed that the open interest surpassed the threshold of $220 million in May 2022, coinciding with a period when the trading price remained over $50.
Additionally, while examining the past performance of AVAX, it becomes evident that a rapid increase in open interest is often accompanied by a corresponding rise in price. In August 2021, there was a notable occurrence when the open interest experienced a substantial increase from $14.53 million to $123.5 million. Consequently, the AVAX price exhibited a corresponding upward movement, rising from $19.15 to $55.
If a similar pattern were to occur in this context, it is plausible that the AVAX price may potentially exceed $30, as $30 might merely serve as an initial benchmark. Based on an analysis of historical performance, it can be inferred that the present level of open interest suggests a reasonable price of around $40 for AVAX. This indicates that the cryptocurrency may be trading significantly below its perceived intrinsic worth.
