These 7 Altcoins Have Interesting Short or Long Positions Today

CryptoMode Altcoins Long Positions

As is often the case in the cryptocurrency world, there will be favoritism toward individual coins and projects. Currently, it appears that Defi and layer-two projects are subject to significant amounts of long positions. All of this will stand or fall based on Bitcoin’s momentum, though. 

Long Positions for BSV, LINK, BCH, YFI, and LTC

Looking beyond Bitcoin and Ethereum, there isn’t always a clear market direction for alternative cryptocurrencies. Some of these markets will do their own thing, regardless of prevailing market circumstances. Traders and speculators are all too aware of how these crypto-assets can behave in unexpected ways. 

Judging by the current long positions on MXC Exchange, impressive momentum is likely to materialize. Speculators expect big things for Bitcoin SV and Bitcoin Cash, two forks of Bitcoin that bring nothing special to the table. Both forks have existed for years now yet have no real relevance to Bitcoin itself. BSV Long positions sit at 18.3-to-1, whereas BCH positions are 7-to-1. 

CryptoMode MXC Long Positions 0701
Source: MXC Exchange

Looking beyond these unsuccessful Bitcoin forks, there is positive sentiment toward Chainlink. In the Defi space, Chainlink and its decentralized data oracles make a significant impact. Building blocks of the future cryptocurrency and blockchain ecosystem are often a safe bet for investors. LINK has 10.9 times as many long positions compared to shorts. 

Another staple of the DeFi ecosystem, YFI, sees somewhat similar bullish sentiment. Although its long positions are “only” 4-to-1 right now, it shows speculators expect big things in the second half of this week. YFI already trades at over $30,000 and has noted a substantial gain; opening long positions for this asset may prove risky.

Shorting XLM, ZIL, and GRT

When traders turn bullish on some crypto-assets, there will be bearish sentiment for others. Any asset gaining a lot of value recently is now subject to significant shorting pressure.

On this list, we find XLM, ZIL, and GRT. In XLM’s case, it is a matter of time until the momentum reverses after a 162% price appreciation. There is no real reason for Stellar to gain any value right now, even though some XRP holders may pour money into this alternative that remains outside of the SEC’s reach – for now.  XLM has short positions of 50-to-1 at the time of writing.

For ZIL, the amount of shorting pressure is a bit surprising. It appears traders want to wipe out some of the 125% price gains accumulated over the past month. Whether ZIL is overvalued or not will be a matter of debate, it is still down by 65% from its all-time high yet has short positions at 100-to-1. 

Seeing many traders open shorts on GRT makes a lot more sense. This relatively new currency has come to market at an exuberant valuation and has proven incapable of sustaining those levels. With short positions vastly outweighing long positions, the coming days will prove somewhat interesting. 

Bitcoin and Ethereum Remain Bullish

No one is surprised to see overwhelming long positions for both Bitcoin and Ethereum. Bitcoin recently set a new all-time high – again – and Ethereum keeps hovering near $1,200. Whether ETH will see a new all-time high before the day is over remains unclear. Its momentum is substantial but not sufficient to make monster moves like Bitcoin has done. 

Looking at the long positions, traders expect more bullish momentum for Ethereum compared to Bitcoin. Etherum longs sit at 2.6-to-1, whereas Bitcoin sits at 1.8-to-1. An interesting sentiment, even though it is unlikely ETH will jump up by $300 or more for a new all-time high, these markets remain mostly unpredictable. 

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