Litecoin (LTC) has recently seen a significant increase in trading activity, with volume surging by 41% in the past 24 hours.
Litecoin (LTC) activity in derivatives has seen a surge over the past 24 hours, with a higher volume of long liquidations indicating bearish sentiment.
Bearish sentiment prevailed in the derivatives market for Litecoin on Friday, with long positions valued at $427.76K being liquidated. This amount significantly exceeded the short liquidations, which totaled $365.83K.
As a reminder, a long liquidation occurs when a trader who had anticipated an increase in theLTC price closed their position due to the price decreasing. On the other hand, a short liquidation takes place when a trader who had expected a decrease in the LTC price closed their position as the price increased.
In the derivatives market for Litecoin on Friday, there was a strong presence of sellers who had anticipated a decrease in the coin’s price. This is evident in the higher volume of long liquidations, which indicates that traders who had opened long positions were being forced to close them at a loss.
Furthermore, both derivatives and spot trading volumes surged by 70%, leading to a total traded value of $300.47 Million. The open interest in Litecoin derivatives also saw a 3.2% increase.
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