Crypto traders long positions on Ethereum (and not much more)

The number of long positions at Ethereum (ETH) has continued to increase after hitting an all-time high in late March.

Despite the fact that broader crypto markets have seen price increases alongside Bitcoin (BTC) in recent weeks, the number of long positions to open still low for most crypto assets after the slump during the crypto market crash in mid-March.

Ether’s long positions dominate the crypto markets

Since the all-time highs were reached on February 26, ETH / USD long positions on the major crypto exchange Bitfinex rose by 170%and the violent fall of Black Thursday in mid-March has not even provoked a modest retreat among the Bitfinex bulls.

Crypto traders long positions on Ethereum (and not much more)
Crypto traders long positions on Ethereum (and not much more)

Bitfinex ETH / USD Longs 1W September 2017 - May 2020: TradingView

Long positions for the ETH / USD pair at Bitfinex for 1 week from September 2017 to May 2020: TradingView

The The long positions of the ETH / BTC pair have also grown significantly in recent weeksHowever, it is important to note that it has been increasing steadily since the beginning of 2019.

Bitfinex ETH / BTC Longs May 1, 2019 - May 2020: TradingView

Long positions for the ETH / USD pair on Bitfinex from May 1, 2019 to May 2020: TradingView

After an increase of around 50% from March 2019 to early 2020 Long positions in the ETH / BTC pair rose 83%.

The long positions of the altcoins are decreasing

Trading activity of other important crypto assets, including several suspected Ethereum bombers, has decreased significantly because speculators bet on halving Bitcoin and the upcoming upgrade from Ethereum 2.0.

After a previously low price development this year compared to other cryptocurrencies, the third crypto asset after market capitalization, Ripple (XRP) saw long positions drop 40% two days after Black Thursday.

Bitfinex XRP / USD Longs 1D August 2019 - May 2020: TradingView

Long positions on Bitfinex of the one-day XRP / USD pair from August 2019 to May 2020: TradingView

Eos (EOS), Ethereum’s self-proclaimed rival, saw long positions decline 20% on March 12and the EOS / USD pair has not recovered significantly since then.

Bitfinex EOS / USD Longs September 1, 2019 - May 2020: TradingView

Long positions on Bitfinex of the EOS / USD pair for 1 day from September 2019 to May 2020: TradingView

After Tezos (XTZ) long positions rose over 450% from mid-February to mid-March, Black Thursday caused a 70% shock for XTZ’s open long positions.

Bitfinex XTZ / USD Longs 1D September 2019 - May 2020: TradingView

Long positions on Bitfinex of the one-day XTZ / USD pair from September 2019 to May 2020: TradingView

Bitcoin’s long positions create a jump after halving

BTC long positions have been extremely volatile in recent months, which had doubled in four weeks towards the end of 2019, before a month started falling 40% since Christmas.

Bitfinex BTC / USD Longs 1D September 2019 - May 2020: TradingView

Long positions on Bitfinex of the BTC / USD pair for 1 day from September 2019 to May 2020: TradingView

The long positions led to an immediate recovery and another full process from mid-January to mid-March., with Black Thursday seeing an additional 20% drop in two days.

Bitcoin long positions on Bitfinex up 50% in the last week of April before a full retracement for May 13 has been completed.

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