Litecoin (LTC) Soars to 14-Month High Above $100, Bitcoin (BTC) Reclaims $30K (Weekend Watch)
Bitcoin took off on a short-term trip yesterday, but regained $30,000 after falling to a 10-day low.
However, their dominance of altcoins has waned a lot on a daily basis, with some rising, such as LTC, LDO, VET, and BSV.
Dump and pump BTC
After last week’s huge price surge, which pushed bitcoin from $26,500 to over $31,000 at one point, the cryptocurrency has calmed down and is in a narrower range between $30k and $31k.
It tried to beat the latter yesterday when the bulls drove it to a daily high of $31,250. Despite the failure there, it initially lost only $200 and stayed above $31,000 for a few hours.
However, that all changed after a Wall Street Journal report surfaced claiming that the SEC considered recent BTC Spot ETF filings, from the likes of BlackRock and Fidelity, to be “inadequate.”
Bitcoin reacted to an immediate price drop that pushed it south by $1,500 to a 10-day low of $29,500. However, the bulls rallied again and recovered almost all of the losses, with BTC currently near a significant rally.
Its market capitalization is nearly $600 billion to date, but its dominance over altcoins has taken a huge hit and has fallen to less than 50%. In fact, the metric is down about 1% in the last 24 hours.
LTC Sees 14-Month High
Potato encryption I reported yesterday that Litecoin’s price action pushed it to a multi-month high, just under $100. This comes as the network hashrate jumped to ATH ahead of the next halving. However, the landscape for LTC holders changed for the better again in the past 24 hours as the asset surged above $110 for the first time since April 2022.
Dogecoin, Polkadot, Ethereum Classic, and Lido DAO are other top performers from the larger cap altcoins, with gains of up to 7% per day.
BitcoinSV has skyrocketed out of the top 50, rising 18% to over $50.
ETH and BNB are up 1.5% and above $1,900 and $240, respectively.
The total cryptocurrency market cap has remained relatively flat at just under $1.2 trillion.
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