BNB, Solana Lead Decline Among Major Tokens As Bitcoin Consolidates Near $121K

Bitcoin (BTC) slipped in early trade on Friday, dragging the broader cryptocurrency market lower, with Binance Coin (BNB) and Solana (SOL) among the worst performers in the top 10 by market capitalization.

Bitcoin’s price edged 0.8% lower in the last 24 hours, trading at around $121,300. On Stocktwits, retail sentiment around the leading cryptocurrency remained in ‘bullish’ territory amid ‘high’ levels of volume.

The pullback came even as U.S.-listed Bitcoin exchange-traded funds continued to attract inflows. Spot ETFs saw roughly $2.72 billion enter this week alone, according to SoSoValue. Still, volatility has intensified. “BTC Futures Open Interest remains elevated as both longs and shorts are being whipsawed by sharp price swings,” said on-chain analytics firm Glassnode, describing the current market as a “leverage reset.” CoinGlass data showed about $427 million in liquidations over the past 24 hours.

BNB led losses among the major tokens. BNB’s price dropped as much as 2% in the last 24 hours, trading at around $1,250. The token hit a record high of more than $1,330 and flipped XRP to become the third-largest cryptocurrency by market value earlier this week. Retail sentiment around BNB remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day. 

BNB was followed by Solana, which fell 1.1% in the last 24 hours. Solana’s price was trading at around $219, and retail sentiment around the altcoin improved from ‘neutral’ to the ‘bullish’ zone over the past day. 

Meanwhile, Ethereum (ETH), the leading altcoin, edged 0.5% lower in the last 24 hours. Ethereum’s price was trading at around $4,300, and retail sentiment around the token fell to ‘bearish’ from ‘neutral’ territory over the past day. 

Ripple’s native token XRP (XRP), Cardano (ADA), and Dogecoin (DOGE) were in the green. Dogecoin’s price rose as much as 2% in the last 24 hours. However, on Stocktwits, retail sentiment around the meme coin remained in ‘bearish’ territory over the past day. Cardano’s price gained 0.8% and XRP’s price edged 0.1% higher. 

On the equities side, Strategy (MSTR), the largest corporate holder of Bitcoin, was in the green. MSTR’s stock gained 0.78% in pre-market trade. Meanwhile, Ethereum-treasury firm Bitmine Immersion Technologies (BMNR) slipped as much as 0.70%. Crypto-exchange Coinbase (COIN) traded flat. Coinbase CEO Brian Armstrong confirmed in a post on X on Friday that the company’s self-custodial wallet, Base App, will be launching later this year.

Read also: Delta Air Lines Stock Ticks Up Premarket After Robust Q3 Profit: What Are Analysts Saying?

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