As Bitcoin Holds $19K Fort, ‘Short’ Altcoin Season Arrives: Ethereum (ETH), Cardano (ADA) Plunge Further
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.
See More: BEST ALTCOINS IN 2022
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'sprice stands at $0.447, down 2.09% in the last 24 hours, while Cardano fell 3.5% to $0.34,according toCoinMarketCap.
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