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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Which Altcoins Could Skyrocket Next? Analytics Firm Points To These

Keshav Verma
Keshav Verma
10 months ago
2 mins read
Altcoins

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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.

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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:

Altcoins Funding Rate
Looks like the value of the metric has been negative for all three of these altcoins recently | Source: Santiment on X

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.

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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.

Aave Altcoin Price Chart
The price of the coin seems to have been going up over the last few days | Source: AAVEUSDT on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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