Market Wrap: Bitcoin Retreats From All-Time High; Ether Outperforms

Posted on by American Coins & Gold

Market Wrap: Bitcoin Retreats From All-Time High; Ether Outperforms
Bitcoin’s price continued to decline on Friday, ending the week down about 2% compared to a 1.7% gain in the ether cryptocurrency. Some traders who went long on BTC ahead of the launch of ProShares’ futures-focused exchange-traded fund (ETF) this week appear to be taking profits. Still, some investors expect pullbacks to remain limited for the remainder of the year. And one firm mentioned that alternative cryptocurrencies such as ether could see further upside relative to bitcoin.“We remain optimistic but are cautious about downside risk,” crypto trading firm QCP Capital wrote in a Telegram announcement. The firm noted that leverage…