[Binance Coin BNB rises 7%, ahead of XRP and Tron amid altcoin surge]
Cryptocurrency markets staged a strong rally as Bitcoin topped $61,000, a rally driven by ETF inflows and renewed interest from institutional investors. Major altcoins such as XRP, Binance Coin (BNB) and Tron (TRX) also rose, with XRP up around 6%, BNB and TRX up around 7% and 6.8% respectively.
According to data from CoinGecko and CoinGlass, XRP trading volume surged 57% in the past day to $2.23 billion, with open interest increasing 11% to $712 million. BNB’s trading volume increased by 127% to $850 million, and open interest rose by 19% to $601 million. TRX’s open interest also rose significantly, reaching an all-time high of nearly $300 million.
Over the past 12 hours, XRP and BNB have seen significant liquidation of short positions, with short positions liquidating for XRP amounting to $668,000 and BNB short positions liquidating for over $1 million, indicating a strong bullish trend in the market.
Despite the stellar performance of these altcoins, 10X Research CEO Markus Thielen recommended that Bitcoin traders consider hedging their Bitcoin positions by shorting altcoin perpetual contracts. Thielen noted that altcoins have entered a structural bear market since December 2022 that could last for weeks or even months. As a result, traditional buy and hold strategies may no longer be appropriate and traders should consider adjusting their strategies to respond to changes in market dynamics.
