Altcoin Action in Powertrade's Options Market Heats Up Driven by XRP, SOL and DOGE

Market volatility saw traders chase options for hedging and speculative activities.

• PowerTrade's options market for altcoins saw increased activity due to market volatility, with traders seeking hedging and speculative opportunities.
• XRP options trading volume exceeded $5 million, with a balance between bullish and bearish positions, indicating expectations of significant short-term price movements.
• Despite macroeconomic concerns, traders showed upside interest DOGE while seeking protective plays in SOL.

Altcoin activity surged in PowerTrade's options market this week as market volatility drove traders to explore hedging and speculative opportunities.

XRP options trading volume surpassed $5 million, with traders maintaining a balance between bullish and bearish positions, anticipating significant short-term price swings.

Despite overall economic uncertainties, traders exhibited interest in DOGE for potential gains while also seeking protective strategies with SOL.

The heightened market volatility encouraged traders to turn to derivatives for altcoins on PowerTrade's options platform. XRP options trading volume alone reached over $5 million this week, primarily focusing on short-dated expirations. Traders engaged in both put and call options within the $1.80 to $1.98 strike range, indicating a diverse range of market sentiment regarding XRP's price direction.

Despite prevailing concerns in the broader economy, there was notable optimism among traders towards DOGE, the popular meme-based cryptocurrency. The recent price fluctuations of DOGE prompted a surge of interest with calls at various strike prices like 14.5, 15.5, 17.5 and 18 cents expiring on April 13, hinting at a speculative trend driven by quick surges possibly influenced by social media or specific events.