Markets Update: BTC Longs Hit New Low for 2019, ETH Longs Test ATH
In recent market action, BTC shorts have increased by 20% during the last two weeks, while longs have continued to slide for the fourth straight week to consistently post lower lows for 2019 so far. In other markets, ETH shorts have dropped by nearly 50% while longs have pushed into new all-time highs, and LTC shorts and longs alike have recently tested all-time high resistance.
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BTC Longs Slide 38% in 4 Weeks
Bitcoin core (BTC) longs have fallen by 38% in less than four weeks, dropping from roughly 35,900 to 22,218 as of this writing. The drop followed a quick spike up to 38,000, 5% shy of the all-time high.
Curiously, both longs and shorts for BTC fell by approximately 27% during the week of Feb. 18, the strongest week for BTC trade volume of 2019. BTC short positions recovered by 19% to 20,600 during the week of March 4, with shorts having since remained steady. They are currently sitting at 20,800.
ETH Longs Test All-Time Highs
Ethereum (ETH) long positions have experienced significant volatility in recent weeks, with positions falling roughly 15% in two days after posting a new all-time high of approximately 531,000 on Feb. 24. Since Feb. 28, longs have nearly completely recovered, gaining 18% in two days to currently sit at approximately 521,000.
ETH shorts have dropped 50% in less than four weeks, falling from 239,500 to currently trade for 119,500, setting a new low for 2019.
LTC Longs See Biggest Weekly Drop of 2019
After rallying to test 2018’s highs during the opening weeks of 2019, Litecoin (LTC) long positions have produced their largest weekly drop of the year, falling 13% from 285,250 to 248,000.
LTC shorts positions have bounded between 161,500 and 266,000 since the start of February, with shorts currently sitting at roughly 236,300.
Do you think that ETH longs will continue to increase? Share your thoughts in the comments section below!
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