XRP, SOL, and DOGE Drive Increased Altcoin Trading in PowerTrade’s Options Market

PowerTrade’s Altcoin Options Market Booms as Traders Seek Protection and Speculation

As volatility continues to shake markets, traders are increasingly turning to altcoin options for both hedging and speculative opportunities, driving significant activity in PowerTrade’s options market this week.

XRP options trading has surged, crossing $5 million in volume, with most of the action concentrated in short-term expirations. According to PowerTrade data, the flows have been fairly balanced between put options at strike prices from $1.80 to $1.98 and call options from $1.80 to $1.93.

“This pattern suggests that traders are positioning for significant price moves in the short term—possibly due to regulatory news or a breakout scenario,” said Bernd Sischka, Head of Institutional Sales at PowerTrade, in an interview with CoinDesk.

This two-way activity mirrors XRP’s volatile price movement: the cryptocurrency dropped to a five-month low of $1.61 earlier this week before rebounding to $2, as reported by CoinDesk. A call option, giving the buyer the right to purchase the asset at a predetermined price, signals a bullish outlook, while a put option typically reflects a bearish bet or hedge.

Additionally, there’s notable hedging activity in Solana (SOL) options, with traders buying puts at strikes ranging from $104 to $121. The SOL token dropped to $95 on Monday, driven by broader market risk aversion following escalating tensions between the U.S. and China. However, SOL has since recovered to $115.

Despite the broader market unease, Dogecoin (DOGE) has attracted attention from traders looking to capitalize on potential upside. After dipping to 13 cents earlier this week, the meme coin has climbed to 15.7 cents. Still down over 65% from its December peak of 48 cents, Dogecoin has been a target of short-term speculative plays.

The most active options have been calls at strikes of 14.5, 15.5, 17.5, and 18 cents, all expiring on April 13, highlighting the speculative frenzy surrounding the altcoin.

“The flow suggests momentum-based trading—short-dated, low-premium bets designed to capture quick price movements,” Sischka noted. “In general, the trend toward short-term expiries and directional bets is placing altcoin options under the spotlight.”

While altcoin options are gaining traction, they remain significantly smaller compared to the massive bitcoin and ether options markets. Platforms like Deribit continue to dominate, with multi-million-dollar contracts being traded daily.