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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Highlighting Risk: These Crypto Coins Carry The Most Leverage

Best Owie
Best Owie
1 year ago
3 mins read
bags of bitcoin on a see-saw showing crypto leverage

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Crypto leverage has been high across some particular digital assets in the space. Global open Interest in the space still sits at a reasonable point currently, but some assets boast significantly higher open interest to market cap ratios than others. Thus, this report will be examining the leverage for these assets to see which ones carry elevated leverage.

Altcoins Lead In Leverage

Bitcoin and ethereum no doubt still command the largest share of the global crypto open interest but when it comes to the percentage of their market cap which their open interest commands, it falls short when compared to other digital assets in the space.

Related Reading | Cardano Foundation Completes Funding To Plant 1 Million Trees

A good number of these altcoins have found popularity in recent months, spending less time in the spotlight than their beloved counterparts bitcoin and ethereum. However, these digital assets have shown a far higher open interest to market cap ratio than bitcoin and ethereum.

For perspective, the open interest to market cap ratio for crypto coins such as bitcoin and ethereum sit at 1.97% and 2.19% respectively. Each of these assets has an open interest at $15.5 billion and $8 billion. Other cryptocurrencies with newfound fame boast of a much higher ratio despite only boasting a small percentage of the global open interest in the crypto space.

Chart showing open interest compared to market cap of various crypto coins

Altcoins lead open interest to market cap ratio | Source: Arcane Research

The highest of these is SUSHI, which leads the charge with a whopping 10.09% open interest to market cap ratio. The relatively new cryptocurrency leads the second-highest by almost 1.5%. YFI placed second at 8.59%, with CRV and EOS at third and fourth position with 8.30% and 5.95% respectively.

Metaverse Crypto Coins On The Come-Up

Metaverse Crypto coins had an incredible come-up in the last quarter of 2021. The boom caused by Facebook’s announcement that it was rebranding to Meta has continued on into the new year, placing the top metaverse tokens in the list for cryptocurrencies with the most elevated leverage.

Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction

Of the 16 coins featured in an Arcane Research report showing elevated leverage in some of the most popular altcoins, four metaverse tokens made the list. SAND, MANA, AXS, and GALA all had an open interest to market cap ratio at 3.29% and higher.

AXS led the pack with a 4.44% ratio, showing the highest and MANA with the lowest. Both of these are indicative of traders using both MANA and AXS to hedge their metaverse exposure.

Layer 1 tokens were not left out of the action though as both FTM and Near recorded open interest to market cap ratios higher than that of the large cap coins. FTM’s ratio sat at 4.02%, while Near recorded a 3.15% OI to market cap ratio.

Crypto total market cap chart from TradingView.com

Crypto total market recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Crypto News, charts from Arcane Research and TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. 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.

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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’s 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’s 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’s 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’s most quiet and well-behaved Husky. Best’s 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’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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