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Ethereum and Litecoin decline in interest as the Crypto Market Rallies

There were some tumultuous months of trading for Ethereum ( ETH ) and Litecoin ( LTC ), with short positions rising to historic highs since prices plummeted to the lowest # 39 [19659002] However, the recent one-week market rally, which saw the XRP rose 100% in a few days, helped the bulls to regain control of Ethereum and Litecoin, while the altcoins saw their short decline in interest of 60% and 44%, respectively, within a few hours Bitfinex .

This indicates a brief compression, where the bears were probably forced to close their positions, adding further fuel to the bullish price

In the case of Litecoin, the timing of this short compression is interesting, because Charlie Lee the money maker, recently replied to bearish traders and major hedge funds who actively exploited the current cryptocurrency assessment and future prospects [19659002] Now there is about $ 28 millions in ETH and $ 6 million in LTC sold short on Bitfinex.

BitFinex ETH / USD Short Interest through TradingView
Bitfinex LTC / USD Short Interest through TradingView

ETH and LTC are ranked 2 and 7, respectively in the AltDex 100 index ( ALT100 ), a reference index for cryptocurrencies and large tokens.

Other: Litecoin (LTC) Creator Fires Back to Bearish Traders and Hedge Funds

Disclaimer: The author of this article has holdings of cryptocurrency that may be traced here . This article is for informational purposes only and should not be taken as investment advice. Always conduct your due diligence before making investments.

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