Traders are now shorting altcoins in bulk, trying to capitalize on the general bear market as cryptocurrency prices continue to fall, according to a recent analysis by Santiment Insights.
What happened: Essentially, this means that there are more traders betting on the downside than those betting on the upside. Bitcoin BTC/USDthe apex cryptocurrency remains hovering around $19,000 as altcoins fall ether ETH/USD down 3.75% in the last seven days, ripple XRP/USD by 10.70% and Cardano ADA/USD down 12.16%, as per CoinMarketCap.
See more: BEST ALTCOINS IN 2022
The number of short positions is much higher than long-term trades in altcoins. “Historically, liquidations are more common when funding rates are shorting significantly, and there can be surprise bounces,” Santiment tweeted.
price action: At the time of writing, Ripple is priced at $0.447, down 2.09% over the past 24 hours, while Cardano is down 3.5% to $0.34, according to CoinMarketCap.
Continue reading: As Bitcoin, Ethereum trading is subdued, DeFi tokens steal the spotlight – One Crypto surges 10%
