- Major altcoins including BNB, AXS, XMR could soon surge in price according to Santiment.
- The company made the statement in a form of a prediction.
- Apart from the altcoins, Santiment sees some Bullish mode in Bitcoin (BTC).
There is a likelihood that Binance Coin (BNB), Axie Infinity (AXS), and Monero (XMR) prices will skyrocket in the upcoming days, according to crypto intelligence firm Santiment.
We’re seeing a notable rise in leveraged short positions across different #crypto assets currently. Average exchange funding rates are negative for altcoins such as ANKR, XEM, SIA, XMR, AXS, DGB, & BNB. If these shorts are liquidated, it can lead to major price spikes.
Additionally, the price surge will not affect BNB, AXS, XMR alone, but other major altcoins including XEM, Ankr, SC, and DGB prices may also increase. Santiment made the statement in a form of on-chain prediction mainly for the aforementioned digital assets.
Apart from this, Santiment suggested an analysis that shows that altcoins may face excessive short-selling action. For Bitcoin (BTC), Santiment sees some uptrend in it.
In the midst of Bitcoin’s 10-week price retrace, its ratio of supply on exchanges has dropped to its lowest level since November 2018. Traders moving BTC to cold wallets continues, and this milestone points to less risk of a continued major selloff.
Furthermore, the post stressed that BTC whales who are holding 1,000 to 10,000 bitcoins have accumulated over 40,000 coins a couple of days ago. At press time, Bitcoin price is at $42k level with a market capitalization of over $795 billion on CoinMarketCap.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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