{"id":561489,"date":"2023-11-21T01:00:16","date_gmt":"2023-11-21T01:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=561489"},"modified":"2024-06-11T14:31:21","modified_gmt":"2024-06-11T14:31:21","slug":"avax-open-interest-224-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/avax-open-interest-224-million\/","title":{"rendered":"AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?"},"content":{"rendered":"

The open interest for AVAX<\/a> has been on a consistent rise over the last month, carrying the price of the altcoin<\/a> along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price.<\/p>\n

AVAX Open Interest Surge To $224 Million<\/h2>\n

According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX.<\/p>\n

Related Reading: Cardano Falling Wedge Pattern: Analyst Predicts 100% Increase Following Breakout<\/a><\/div>\n

Binance<\/a> actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period.<\/p>\n

\"AVAX<\/p>\n

Source: CoinGlass<\/a><\/pre>\n
ByBit exchange<\/a> accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day.<\/p>\n
The largest jump in open interest was recorded on the Bitmex exchange<\/a> as it rose 17.78% to bring the crypto exchange\u2019s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin<\/a> has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month.<\/p>\n
\"AVAX<\/p>\n
Token price holds above $22 | Source: AVAXUSD on Tradingview.com<\/a><\/pre>\n
Can Price Cross $30?<\/h2>\n
The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest<\/a> crossed $220 million was in May 2022 when the price was still trading above $50.<\/p>\n
Related Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect<\/a><\/div>\n
Also, taking a look at AVAX\u2019s historical performance, it shows that whenever the open interest has risen quickly<\/a>, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55.<\/p>\n
If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin<\/a> could be trading well below its fair value.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along with it. The result of this continuous climb is the fact that the open interest has now surged to May 2022 levels, a development that could spell a massive rally for the price. AVAX Open Interest Surge To $224 Million According to data from Coinglass, the AVAX open interest has now climbed to $224 million. The website shows that there was an over 10% increase in the open interest in a 24-hour period which brought the total open interest above 10.04 million AVAX. Related Reading: Cardano Falling Wedge Pattern: Analyst Predicts 100% Increase Following Breakout Binance actually commands almost half of the total of this open interest at 4.48 million AVAX worth a little over $100 million. This suggests that a good portion of the demand is coming from the crypto exchange. The total open interest also saw a 9.94% increase in the 24 hour period. Source: CoinGlass ByBit exchange accounts for the second-largest open interest at 2.04 million AVAX worth $46.09 million. BingX comes in third place with 1.24 million AVAX worth $27.59. But none of these exchanges account for the largest jump in the last day. The largest jump in open interest was recorded on the Bitmex exchange as it rose 17.78% to bring the crypto exchange\u2019s total open interest to 55,340 AVAX with $1.53 million. Altogether, the open interest in the altcoin has risen from $82.8 million on October 20 to $224 million on November 20, meaning that the open interest has grown 170% in one month. Token price holds above $22 | Source: AVAXUSD on Tradingview.com Can Price Cross $30? The last time that the AVAX open interest was this high, the price was trading much higher which opens the possibility of a rally above $30. As Coinglass data shows, the last time that the open interest crossed $220 million was in May 2022 when the price was still trading above $50. Related Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect Also, taking a look at AVAX\u2019s historical performance, it shows that whenever the open interest has risen quickly, the price tends to follow suit. This was the case back in August 2021 when the open interest went from $14.53 million to $123.5 million, and the AVAX price rose accordingly from $19.15 to $55. If the same trend were to take place here, then $30 may only be a starting point for the AVAX price. Following all historical performances, the current volume of open interest puts the AVAX fair price at around $40, meaning the altcoin could be trading well below its fair value. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Coin Culture, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":561501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83347,89169,90221,86413,86511,83609,54146],"class_list":["post-561489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-avax","tag-avax-news","tag-avax-open-interest","tag-avax-price","tag-avaxusd","tag-avaxusdt","tag-open-interest"],"acf":[],"yoast_head":"\nAVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?<\/title>\n<meta name=\"description\" content=\"The open interest for AVAX has been on a consistent rise over the last month, carrying the price of the altcoin along 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?","url":"http:\/\/wncen.com\/news\/avax-open-interest-224-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/avax-open-interest-224-million\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/AVAX-open-interest.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/AVAX-open-interest.jpeg?fit=1000%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["avax","avax news","avax open interest","avax price","avaxusd","avaxusdt","open interest"],"dateCreated":"2023-11-21T01:00:16Z","datePublished":"2023-11-21T01:00:16Z","dateModified":"2024-06-11T14:31:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"AVAX Open Interest Climbs 10.4% To $224 Million, Is $30 Possible?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-open-interest-224-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-open-interest-224-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/AVAX-open-interest.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/AVAX-open-interest.jpeg?fit=1000%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"avax\",\"avax news\",\"avax open interest\",\"avax price\",\"avaxusd\",\"avaxusdt\",\"open interest\"],\"dateCreated\":\"2023-11-21T01:00:16Z\",\"datePublished\":\"2023-11-21T01:00:16Z\",\"dateModified\":\"2024-06-11T14:31:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/AVAX-open-interest.jpeg?fit=1000%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561489"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561489"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/561501"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}