Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses

Posted on by American Coins & Gold

Market Wrap: Bitcoin Underperforms Altcoins as Sell-Off Pauses
Bitcoin held steady around $57,000 on Friday after a near-10% decline over the past week. The cryptocurrency is roughly flat over the past 24 hours, compared with a 5% rise in ether and an 8% rise in Solana’s SOL token over the same period.“Market sentiment seems short-term bearish/sideways – people are shorting BTC in the perpetual futures market,” Ki Young Ju, CEO of CryptoQuant, wrote in a blog post on Friday.Analysts pointed to rising leverage as a possible sign of froth in the crypto market, which forced some traders to liquidate long positions earlier this week.From a technical perspective, bitcoin’s…