Chicago Mercantile Exchange (CME) ‘s Solana Future (SOL) was shown to be less than Bitcoin (BTC) and Ether Leeum’s CME futures debut on March 17th.
CME encryption futures comparison of Vetle Lund. Source: x.com
Vetle Lund, a research director of K33reaearch, compared the difference between Bitcoin (BTC), Ether (Ether), and Solana (SOL) CME gift transaction performance on the day of launch, and it is clear that SOL’s CME gift volume and public interest were much lower than competitors.
But LUNDE pointed out that when a normalized volume of a market cap is evaluated, the launch of the SOL is “closer to the two.”
Did SOL CME FUTURES start DUD?
The launch of the STOT ETF approval and CME futures contracts throughout the current bull market continued to increase investor feelings and wind behind various cryptocurrencies. The first CME futures trading day compares a fair comparison analysis by comparing the normalized volume adjusted to meet the market cap of BTC, ETH and SOL.
Normalized volume measures trading activities compared to the market cap of encryption assets, providing a transparent evaluation of various cryptocurrencies. This metric is worth it because it can understand institutional participation in relation to the market cap of encryption assets.
Normalized volume comparison. Source: COINTELEGRAPH
As shown above, Bitcoin has the highest volume of 0.0319%, and ETH and SOL are 0.0173%and 0.0166%, respectively. If the normalized size increases, the market capitalization of Bitcoin is higher or more investor interest per market cap.
In addition, the similarity of the normalized amount of ETH and SOL (approximately 0.017%) indicates that the Solana’s trading measure is similar to the transaction of Ether despite the difference in trading volume of more than $ 20 million between ETH and SOL’s CME futures.
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Will Sol CME FUTURES follow the performance of ETH or BTC?
On December 18, 2017, BTC decreased 26%until December 31, 2017, and decreased from $ 19,000 to $ 14,000 until December 31, 2017. By 2018, the revision continued to record the start of the group password bear market.
Bitcoin, Ether Leeum and Solana CME launch, price response. Source: COINTELEGRAPH/TradingView
Ether Price registered 150%of 150%of the rally, 93 days after the CME gift was released on February 8, 2021. Although the rapid correction occurred at the highest level ever, it was the best at $ 4,867 in 2021 for the purpose of the neck of 2021.
Considering the price trends of Bitcoin and ETH, the price of SOL can experience less enthusiastic rally. It suggests that there is a lack of investor excitement without a rising price movement after the launch of the CME futures.
But from a long -term perspective, the presence of SOL in the CME increases the opportunity for solana’s liquidity and price discovery when attracting institutional participation. Better market conditions, favorable optimistic prices and protocol revenue forecasts can lead to a wider influence over time.
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This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.