๐๐ Hey there, Bitcoin enthusiasts! It's time to turn our attention to Cardano (ADA) and Ripple's XRP, two altcoins that have been experiencing heavy shorting after a brief respite. According to data from Santiment, the shorting vs. longing ratio for ADA and XRP has been dominant since September 2023 and May 2024 respectively. ๐๐
But don't fret! Santiment believes this heavy shorting could be a positive sign for "patient bulls". ๐๐ช Cardano and XRP are notable altcoins seeing heavy shorting following relief bounces. This could act as 'rocket fuel' for continued price rises. ๐๐ฐ
Cardano, in particular, is gearing up for a major milestone. The anticipated Chang hard fork could transition Cardano from a blockchain governed by its founding entity Input Output Global (IOG) to a fully decentralized and community-driven ecosystem. ๐๐
Meanwhile, XRP has noted minor spikes amidst a broader market downturn. The latest surge in open interest suggests that investors are anticipating a rise in the asset's price as they closely track the legal spat between blockchain firm Ripple and the US Securities and Exchange Commission (SEC). ๐โ๏ธ
So, keep your eyes on these altcoins, folks! They might just surprise us all. ๐๐