Litecoin (LTC) Reaches 14-Month Peak Exceeding $100, Bitcoin (BTC) Surpasses $30K (Weekend Update)

Bitcoin experienced a brief fluctuation yesterday but has regained the $30,000 mark after dropping to a 10-day low.

However, its dominance over alternative cryptocurrencies has significantly decreased on a daily basis, as several, including LTC, LDO, VET, and BSV, have surged.

BTC’s Decline and Recovery

Following last week’s substantial price increase, which propelled bitcoin from $26,500 to over $31,000 at one point, the cryptocurrency stabilized and traded within a narrower range between $30,000 and $31,000.

It attempted to surpass the latter level yesterday when buyers pushed it to a daily peak of $31,250. Although it did not succeed, it initially only dropped by $200 and stayed above $31,000 for several hours.

However, the situation shifted after a WSJ article surfaced, stating that the SEC considered the recent BTC Spot ETF applications from firms like BlackRock and Fidelity as “inadequate.”

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Bitcoin responded with an immediate decline, falling by $1,500 to a 10-day low of $29,500. Nevertheless, buyers rallied once more and nearly recovered all losses, with BTC currently trading around a thousand dollars higher.

Its market capitalization is now close to $600 billion, but its dominance over altcoins has suffered significantly, dropping below 50%. In fact, this metric has decreased by nearly 1% in the last 24 hours.

BTCUSD. Source: TradingView

LTC Reaches 14-Month Peak

CryptoPotato reported yesterday that Litecoin’s price movement brought it to a multi-month high, just shy of $100. This comes as the network’s hash rate reached an all-time high ahead of the upcoming halving. However, the outlook for LTC holders improved once again in the past 24 hours as the asset surged past $110 for the first time since April 2022.

Dogecoin, Polkadot, Ethereum Classic, and Lido DAO are other significant performers among the larger-cap altcoins, with daily gains of up to 7%.

BitcoinSV has experienced the most significant increase among the top 50 altcoins, soaring by 18% to over $50.

ETH and BNB have risen by 1.5%, currently trading above $1,900 and $240, respectively.

The total cryptocurrency market capitalization has remained relatively stable at just under $1.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.