The crypto traders are eagerly awaiting the resurgence of a bullish trend in the markets, as the pathetic conditions of 2022 have brought about massive losses for everyone.
Currently, Bitcoin is trading at $19,023 with a drop of 0.16% over the last 24hrs. Ethereum has plunged by 0.56% in the last day and is trading at $1,284.
At present, it is reported that the profit-taking open trade positions have overtaken the long term buy position numbers, which is definitely a negative indicator.
A report by the analytical firm, Santiment, claims that the number of short positions has highly exceeded the number of long term trades of the altcoins.
Put in simpler words, this means that the traders who are betting for a price plunge are much more than who are betting on price surge. Interestingly, whenever such a situation has arised the crypto market has experienced sudden surge in price. Hence, if history repeats, industry experts are expecting a short altcoin rally.
But, what needs to be noted is that just like Bitcoin, even altcoins are falling prey to the current macro events. This is because, whenever King currency drops as a result of macroeconomic events, altcoins also follow the BTC path. If we look at the current price trend, we can say that most of the large cap cryptocurrencies have witnessed nearly 70% drop from their high during 2021.
At the time of publication, among top 10 cryptocurrencies, Cardano (ADA) is leading the market crash after it lost 4.27% in the last 24hrs. The second position is claimed by Saolana (SOL) as it has given up 4.18% in the last day.