Which Altcoins Could Skyrocket Next? Analytics Firm Points To These

Name	Symbol	Market	Market Cap ($)	Algorithm
Decentraland	MANAUSD	Crypto	1,071,114,386	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Decentraland

MANAUSD

Crypto

1,071,114,386

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0486	9.23%	0.5751	0.5748	0.5751

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0486

9.23%

0.5751

0.5748

0.5751

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5877	0.5131	0.5203	0.5265	0.216320 - 0.819800

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5877

0.5131

0.5203

0.5265

0.216320 - 0.819800

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:26:19	10.00	0.5758	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:26:19

10.00

0.5758

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,838,680.68	3,343,241.84	MANA	MANAEUR	MANAGBP	MANABTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,838,680.68

3,343,241.84

Which Altcoins Could Skyrocket Next? Analytics Firm Points To These

13/09/2024 1:00am

NEWSBTC

The on-chain analytics firm Santiment has pointed out how these three altcoins may be more likely to see price jumps in the coming future. These Altcoins Are Being Heavily Shorted On Binance Right Now In a new post on X, Santiment has discussed about some altcoins that could be worth keeping an eye on because of a trend forming in their Binance Funding Rate. The Funding Rate here refers to an indicator that tracks the periodic amount of fees that traders on a given derivatives exchange (in this case, Binance) are paying each other right now. Related Reading: Dogecoin Vs Shiba Inu Vs Pepe: How Do The Top Memecoins Compare In Investor Profits? When the value of this metric is positive, it means the long investors are paying a fee to the short holders in order to keep their positions. Such a trend suggests the majority of the derivatives users share a bullish sentiment. On the other hand, the indicator being negative implies the shorts are outweighing the longs, so a bearish mentality could be assumed to be the dominant one in the sector. Now, here is the chart shared by the analytics firm that shows the trend in the Binance Funding Rate for three altcoins, Aave (AAVE), The Graph (GRT), and Decentraland (MANA), over the past week: As is visible in the above graph, the Binance Funding Rate has recently switched from green to red for all three of these altcoins. This would suggest that the investors have opened a large amount of short positions on the exchange related to these assets, thus shifting the balance. Interestingly, this heavy shorting from the investors has come as the cryptocurrency market as a whole has been rebounding, led by Bitcoin’s recovery back above $58,000. It would appear that derivatives users don’t expect AAVE, GRT, and MANA to continue the bullish wave. This pessimism around the altcoins, however, can actually play into the benefit of their prices. This is because mass liquidation events are more likely to affect the side of the market with the most positions. At present, the dominant side is the bearish one, so mass short liquidations could likely occur in the coming days. Whenever a large amount of liquidations take place at once (an event that’s popularly known as a squeeze), the price can see a burst of volatility arising out of all this fuel. As such, Santiment believes that should these shorts get caught in a liquidation event, the altcoins could see big price jumps. Related Reading: Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With This Surge? It only remains to be seen, though, whether Aave and others would show price surges from here and punish these investors betting on a bearish outcome. Aave Price Aave has been enjoying bullish momentum during the last few days as its price has risen to $147 after witnessing a surge of over 11% in the last seven days. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

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