The cryptocurrency market was awash in green today, as altcoins, including OKB and FARTCOIN, exhibited striking gains. Meanwhile, Ether is galloping swiftly toward its all-time highs. It’s Wednesday, August 13, 2025, and the market dynamics are nothing short of electrifying.
Altcoin Avalanche
In an intriguing twist, the spotlight has shifted from Bitcoin to a medley of altcoins, as evidenced by Ether’s robust march upward. Bitcoin itself inched up just 0.4% today—it’s still lagging 2% behind where it stood a month ago. Alex Kuptsikevich, chief market analyst at FxPro, noted, “We suspect that investors are selling the first cryptocurrency to finance purchases of altcoins. And it is hardly reasonable to talk about a reversal in sentiment, given the rally in altcoins and the historic highs of the S&P 500 and Nikkei 225.” This trend illustrates the market’s increasing appetite for diversification. As explored in our recent coverage of Ethereum Surge Shifts Focus to Altcoins as Speculation Heats Up, this shift is part of a broader trend in the crypto market.
The surge in altcoins isn’t just a fleeting moment of excitement. OKB rocketed to a record $142—a staggering 200% climb—after OKX announced a hefty supply cut to 21 million tokens and unveiled a “PP upgrade” to its Polygon-powered X Layer chain. This upgrade promises to turbocharge throughput and slash gas fees, making transactions nearly frictionless. In a noteworthy pivot, OKX plans to decommission OKTChain, with OKT trading ceasing today and balances converting to OKB starting August 15.
Derivatives and Dynamics
Ether’s rally isn’t just about spot prices. Behind the scenes, CME-listed futures are buzzing with activity. Open interest in standard contracts, each sized at 50 ETH, has surged to 1.85 million ETH, up from 1.5 million ETH just over a week ago. The annualized three-month basis has nudged past 10%, a clear signal that traders are wagering on further upside. Bitcoin, while steady, sees its CME basis hovering around 7.5%.
Despite Ether’s skyward trajectory, the altcoin market isn’t overheating. Perpetual funding rates on offshore exchanges are sitting comfortably near an annualized 10% for most major tokens. Notably, open interest in privacy-focused Monero (XMR) peaked at its highest level since December, even as its price dipped to $245, the lowest since April. Traders seem to be capitalizing on the rally by cashing in on the price drop.
Token Talk and Future Tensions
Over at Deribit, Ether traders have been snapping up call options at the $5,000 strike and above, a bullish indicator if ever there was one. Calls are trading at a premium across all tenors, yet Ether’s 30-day implied volatility index remains stable around 70%. Bitcoin’s implied volatility is similarly steady, though there’s noticeable demand for higher-strike out-of-the-money (OTM) calls, especially at the $160,000 mark. For more insights into the altcoin surge, see Ether, Dogecoin Rally as XRP Soars 12% in Altcoin-Led Crypto Surge.
Meanwhile, FARTCOIN—a name not without its quirks—jumped 17% as large whale wallets and “smart money” addresses expanded their holdings. The daily chart’s MACD momentum is bullish, suggesting a potential breakout above $1.74 if the buying spree continues. However, should the momentum wane, key support is pegged at $0.74.
An industry shake-up is also on the cards, as Eden Network winds down services, citing stiff competition in the MEV relay and block-building landscape. Eden, which launched in 2021 to optimize MEV revenue for miners and validators, initially thrived but lost footing post-Merge as the market concentrated around a few operators.
Looking Ahead
With Ether on the brink of a historic high, and altcoins like OKB and FARTCOIN making waves, the crypto ecosystem is rife with excitement—and uncertainty. Will this altcoin ascendancy sustain itself, or is it a transient phase? As the market ventures into uncharted waters, only time will tell. For now, crypto enthusiasts and investors alike are watching closely, eager to see where the next chapter in this volatile saga leads.
Source
This article is based on: Markets Today: OKB, FART Surge as Ether Races Toward Record Highs
Further Reading
Deepen your understanding with these related articles:
- Ether’s Rally Pulls Bitcoin Along: Crypto Daybook Americas
- Ethereum surge signals incoming 200%-500% altcoin pump: Trader
- Ethereum Explodes to 2021 Peaks, Bitcoin Eyes ATH: Market Watch
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
