Share this article
Swipe Futures Volume Equals 42% of Its Market Capitalization
SXP futures volume signal continued interest in low-capitalization cryptocurrencies as bitcoin continues to trade in a tight range.
By Zack Voell
Updated Mar 6, 2023, 3:41 p.m. Published Jul 20, 2020, 4:01 p.m.
Swipe (SXP) futures volumes – $45 million at last check – equal 42% of its total market capitalization, a possible sign the market is overextended.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- SXP futures is the second-largest futures market on FTX, the only cryptocurrency exchange with SXP futures.
- The 24-hour trading volume of SXP futures is only $21 million less than bitcoin, FTX's largest market, and 58% larger than ether futures, its third-largest market.
- SXP volumes signal cryptocurrency traders’ increasing interest in cryptocurrencies with low market capitalizations as bitcoin continues to trade in a tight range above $9,000.
- FTX launched SXP futures on July 13 shortly after Binance acquired the crypto wallet company behind the token.
- FTX is the sixth-largest cryptocurrency exchange by open interest, according to CoinGecko.
- Swipe futures volume relative to its market capitalization could well be a sign that the market is overextended, said Sam Bankman-Fried, CEO of FTX. Or it could be the market capitalization is just too low, he added.
- Swipe's market capitalization is currently $108 million, nearly $300 million smaller than dogecoin's, according to CoinGecko.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
Top Stories
