Specialists at Delphi Digital have said in their latest report the derivatives market has played an essential role in the rise of the Ethereum price above $3,500.
According to them, the rate of financing contracts remained relatively stable during August and started to rise before the price of Ether started to grow in early September due to the transition of traders to long positions.
The company’s experts have highlighted that tier 1 network tokens were among the growth leaders in August, while DeFi asset quotes stagnated.
The recently experienced situation in the market bears similarities to that of the summer of 2020, when Bitcoin consolidated while the price of altcoins kept rising.
However, funding rates for Bitcoin contracts also increased significantly in early September. This confirms the continued demand for digital gold.