Bitcoin’s surge toward $100,000 has fueled unprecedented trading activity on Kraken’s derivatives platform. Dogecoin perpetual contracts broke records, surpassing Ethereum in 24-hour trading volumes for the first time, according to Alexia Theodorou, Kraken’s head of derivatives.
Kraken reported $2.5 billion in Solana perpetual contract trading this November and $2.3 billion in Dogecoin, both all-time highs. Total perpetual trading volumes on Kraken are projected to hit $27 billion this month, closing in on the platform’s $35.8 billion record from 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,” said Theodorou. “While Bitcoin futures dominate the activity, Dogecoin and Solana have displayed greater volatility, creating more trading opportunities and benefiting from the recent rally.”
The U.S. presidential election has driven increased activity in altcoins, especially Layer 1 tokens. XRP, Solana, Toncoin, and Cardano are among those experiencing notable gains, according to analysts at CryptoQuant. They attribute this rally to optimism around a potentially more crypto-friendly U.S. administration.
XRP has been a standout performer, soaring 120% since the election to reach $1.12, its highest price since November 2021. This rally coincided with a record $3.5 million in decentralized exchange activity on the XRP Ledger on Nov. 15.
Dovile Silenskyte, director of digital assets research at WisdomTree, noted that increasing institutional interest is diversifying focus beyond Bitcoin and Ethereum. Altcoins like XRP provide diversification in multi-asset portfolios, reducing over-reliance on mega-cap tokens.
Capitalizing on the momentum, WisdomTree launched the WisdomTree Physical XRP (XRPW) exchange-traded product. Listed on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext in Paris and Amsterdam, the ETP offers European investors access to XRP with a 0.50% management fee.
With risk-on sentiment building, analysts suggest altcoins could continue outperforming traditional Bitcoin and Ethereum allocations in the months ahead.
Also Read: Bitcoin’s $100K Push Fuels BCH, BSV, and BTG Rally
