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Sunday, July 21, 2024

Litecoin (LTC) Soars to 14-Month High Above $100, Bitcoin (BTC) Reclaims $30K (Weekend Watch)

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Bitcoin went on a short-lived roller-coaster yesterday but has reclaimed $30,000 after dumping to a 10-day low.

Yet, its dominance over the altcoins has declined a lot on a daily scale, as some, such as LTC, LDO, VET, and BSV, have shot up.

BTC’s Dump and Pump

After last week’s massive price surge, which drove bitcoin from $26,500 to over $31,000 at one point, the cryptocurrency had calmed and remained in a tighter range between $30,000 and $31,000.

It tried to overcome the latter yesterday when the bulls drove it to a daily high of $31,250. Despite failing there, it initially lost only $200 and remained above $31,000 for a few hours.

However, it all changed after a WSJ report emerged claiming that the SEC deemed the recent BTC Spot ETF filings, from the likes of BlackRock and Fidelity, as “inadequate.”

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Bitcoin reacted with an immediate price drop that drove it south by $1,500 to a 10-day low of $29,500. However, the bulls stepped up once again and recovered almost all losses, with BTC currently sitting around a grand higher.

Its market capitalization stands close to $600 billion as of now, but its dominance over the alts has taken a major hit and is down below 50%. In fact, the metric has declined by almost 1% in the past 24 hours.

BTCUSD. Source: TradingView

LTC Sees 14-Month High

CryptoPotato reported yesterday that Litecoin’s price action drove it to a multi-month high of its own, just under $100. This comes as the network’s hash rate jumped to an ATH ahead of the next halving. However, the landscape for LTC holders changed for the better once again in the past 24 hours as the asset soared to over $110 for the first time since April 2022.

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

BitcoinSV has skyrocketed the most from the top 50 alts, having surged by 18% to over $50.

ETH and BNB are up by 1.5% and sit above $1,900 and $240, respectively.

The total crypto market cap has remained relatively stagnant at just under $1.2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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