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Global interest in cryptocurrency, whether Bitcoin, Ether or various altcoins, has soared over the past few years. Crypto is currently a hot topic of conversation on various social media platforms, including TikTok, Twitter and YouTube. Statistics show that 31% of people aged 18 to 29 and 21% of people aged 30 to 49 have dabbled in cryptocurrencies. The global cryptocurrency market cap currently stands at $880 million, and it isn't just the assets that are gaining popularity.
At present, a number of crypto derivatives and futures are available for trading in the crypto markets. Crypto options are a kind of derivative — a financial instrument that can be used to hedge or research and speculate on an asset's value.
More specifically, a crypto option provides the buyer the right (without any obligation) to purchase or sell the underlying cryptocurrency for a set price at (or before) a fixed expiration date. The right to buy the underlying cryptocurrency is referred to as a “call” while the right to sell is called a “put.”
In 2013, Vitalik Buterin, the co-founder of Ethereum, released a white paper detailing the blockchain's operations, including its mechanics, applications and potential areas for concern. Two years later, Buterin and Joe Lubin, the founder of blockchain software startup ConsenSys, jointly launched the Ethereum platform.