As Bitcoin Holds $19K Fort, ‘Short’ Altcoin Season Arrives: Ethereum (ETH), Cardano (ADA) Plunge Further – Bitcoin (BTC/USD)

Traders are now shorting altcoins in large quantities, trying to profit from the overall bear market as prices of cryptocurrencies continue to plunge, according to a recent analysis by Santiment Insights.

What Happened: This essentially means there are more traders betting on price drops than those who are betting on the price rise. Bitcoin BTC/USD, the apex cryptocurrency continues to hover around the $19,000 mark, while altcoins like Ethereum ETH/USD dropped by 3.75% in the last seven days, Ripple XRP/USD by 10.70% and Cardano ADA/USD  plunged 12.16%, as per CoinMarketCap.


The number of short positions is way higher than long-term trades in altcoins. “Historically, when funding rates show significant shorts, liquidations are more common and surprise bounces can occur,” Santiment tweeted.

Price Action: At the time of writing, Ripple’s price stands at $0.447, down 2.09% in the last 24 hours, while Cardano fell 3.5% to $0.34, according to CoinMarketCap. 

Read Next: As Bitcoin, Ethereum Trade Muted, DeFi Tokens Steal Spotlight — One Crypto Rallies 10%

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *