With a new week of cryptocurrency trading upon the community, it is always good to see what the future will hold in terms of short and long positions. Things have changed a bit compared to just over a week ago, although this current trend does not necessarily indicate how the week will play out. The following coins are ranked in ascending order by their current market cap.
#5 Monero
The previous long vs shorts positions clearly seemed to favor shorting Monero. This popular altcoin has increased in market cap ever since and successfully reclaimed its position in the top 10. The current margin trading activity still seems to favor shorting XMR. Over 62,600 XMR worth of positions are in shorts right now, compared to 27,100 XMR in longs. Whether or not Monero will continue to truck along, remains to be seen.
#4 IOTA
There is a vast increase in the number of IOTA long positions over this past week. More specifically, over 22 million MIOTA is currently leveraged in longs, compared to just 6.81m MIOTA in shorts. There is a notable increase n shorts over the past few hours, which is a bit in line with how this altcoin’s USD price has faltered a bit over the past few days. For now, the outlook remains positive, but nothing is ever set in stone.
#3 Bitcoin Cash
A major drop off in both longs and shorts for the same currency is very uncommon. In the case of Bitcoin Cash, both margin positions are going off a cliff, although this may have something to do with missing market data first and foremost. At this time, over 30,400 BCH is in longs, versus 28,450 BCH in shorts. It is difficult to predict which option is the better one at this stage.
#2 Ethereum
After a few rather rough weeks for the Ethereum price, it seems things have begun to improve again. The number of long positions is also on the rise, courtesy of 381,500 ETH in longs. On the shorts side of the spectrum, there is nearly 231,000 ETH in short positions. This seems to indicate the Ethereum price momentum may remain in place, albeit markets tend to remain volatile.
#1 Bitcoin
A lot of cryptocurrencies hinge on Bitcoin’s price momentum prior to note any gains or losses. In the case of the long positions, there is a massive drop off in the past few hours, resulting in 27,100 BTC leveraged in long positions. On the short side, there is a noteworthy increase, pushing the figures to over 37,400 BC in short positions. How this will pan out, remains unclear. Bitcoin may see some bearish pressure in the coming days and weeks.
One always has to keep in mind long and short positions do not tell the entire story. Although they are one indicator as to how certain prices may evolve, there is never any guarantee things will swing in either direction. For now, the longs favor Ethereum, whereas everything else is suffering from a lot of bearish expectations. An interesting week lies ahead in this regard, that much is guaranteed!
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