Bets Against Ether's Price Hit All-Time High

in #ether • 6 years ago

The number of short orders placed on ether (ETH) reached a new all-time high during Friday's trading session, according to data from the cryptocurrency exchange Bitfinex.

At approximately 10:00 UTC Friday, the number of shorts placed on ETH/USD, the world's second largest cryptocurrency by market capitalization, surpassed the prior mark of 202,854 to ultimately reach a new high of 208,689.

The new figure represents an 81.96 percent increase week-to-week and a 162 percent jump from mid-August.

The development follows an unfavorable week for the broader cryptocurrency market and ETH in particular. From September 5-6, bitcoin (BTC) fell more than $1100, accounting for a nearly 15 percent drop. In that time, over $40 billion was shed from the market capitalization of all cryptocurrencies.

Cryptocurrencies tend to follow bitcoin's lead after a big move, and ETH was no exception. Three days ago, ETH was valued at $287 across exchanges but today is trading at $221, according to CoinDesk's Ether Price Index (EPI).

6 years ago in #ether by
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