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Bitcoins / Breaking News / Cryptocoins

Why Short Sellers Favour Bitcoin Over XRP

Bloomberg have just released a new report, stating that Bitcoin is becoming increasingly unpopular, and are quickly losing fans on Wall Street; however, if you ask other experts, they will tell you that this is really not the case. In the report however; the authors do mention  that Ripple, or XRP bull actually outnumber bears 18to1.

They interviewed IG Group Holdings plc, who are a London based contracts for difference firm, who provided some interesting data. Last January, a whopping 90% of traders were bullish on Bitcoin, and one quarter of these today are actually betting that Bitcoin will decrease. This means that Bitcoin longs outnumber shorts by 3-to-1. Ethereum has a 12-to-1 ratio, and XRP has an 18-to -1 ratio.

Physical Bitcoin Sitting on Money Notes

So compare this data to 10 long positions for every short position on Apple Inc, which is one of the most successful companies in the world at the moment, yet it actually runs below Ethereum and Ripple in terms of investor sentiment.

Despite having a horrendous start to the year, the data that has been collected would suggest that things are slowly improving. When you take a look at Ripple, a coin that is quickly starting to rival Bitcoin, its prices have completely shot up against the US dollar. The current rate for Ripple is $1.09, which has jumped up by 6.78%.

This recent crash had left many wondering if the crypto market would ever actually recover, so this recent report is a great comeback for Ripple. The virtual currency has been predicated to see great things for the rest of 2018, and has a price prediction of $10.00.

Image Source: Pixabay

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.