- Ethereum traders seemingly developed a major interest in Etheruem longs, while they ignore other altcoins.
- Ethereum longs have been growing ever since February, and even the price drop did not discourage them.
- Bitcoin’s longs were volatile, surging and crashing monthly, while most altcoins saw drops since mid-March.
After the crypto price crash in mid-march, traders seemingly became very optimistic about the future of Ethereum. As March approached its end, the number of Ethereum longs surged, and it continued to grow until it reached a new all-time high. Even then it did not stop, but it kept surging higher and higher, even in recent weeks.
Ethereum longs on a sharp rise for months
The interest in Ethereum longs intrigued the analysts, even more so considering that Bitcoin price surged as well in recent weeks, and so did the value of many altcoins. Despite the recovery, however, the number of longs remains uncharacteristically low for the other crypto projects.
Meanwhile, ETH/USD longs started breaking into record highs on February 26th. By Mid-March crash, the longs on Bitfinex grew by around 170%, and traders failed to withdraw even after the crypto price crash.
As for ETH/BTC longs, they also saw major growth in recent weeks, although these longs were on the rise since early 2019. They rose by 50% between March 2019 and January 2020. However, since the start of the year and now, they shot up by an additional 83%.
In the meantime, trading activity regarding other assets dried up. This even includes all the best-known ‘Ethereum killers,’ as most people in crypto industry bet on the future of Bitcoin and Ethereum.
When it comes to Bitcoin, everyone was excited about Bitcoin halving. As for Ethereum, the crypto community expects for Ethereum 2.0 to make the project great.
How did the rest of the market perform?
As for other altcoins, XRP saw a 40% drop in its longs, which came in only two days after Black Thursday. However, the coin also had a rather weak YTD price performance, so it is not that strange that traders lost faith in it.
A similar situation struck EOS, which likes to think of itself as Ethereum’s greatest rival. EOS longs dropped by 20% alongside crypto prices in mid-March.
Even Tezos (XTZ), whose price surge saw its longs skyrocket by more than 450% between mid-February and mid-March, saw its longs crash by 70% due to Black Thursday.
As for BTC longs, they have been as volatile as the coin’s price. They doubled within a month as 2019 was coming to an end, only to crash by 40% in a month after Christmas.
