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Bitcoin went through a brief period of volatility yesterday but has recovered $30,000 after falling to a 10-day low.
Nevertheless, its dominance over altcoins on a daily scale has waned a lot as some stocks such as LTC, LDO, VET and BSV have gained.
dump and pump btc
Following last week’s massive price surge that propelled bitcoin from $26,500 to over $31,000 at one point, the cryptocurrency had calmed down and remained in a tight range between $30,000 and $31,000.
It tried to overcome the latter yesterday when the bulls lifted it to a daily high of $31,250. Despite failing there, it initially lost only $200 and held above $31,000 for a few hours.
However, that all changed after a report from the WSJ claimed that the SEC deemed recent BTC spot ETF filings from the likes of BlackRock and Fidelity “inadequate.”
Bitcoin responded with an immediate price drop, dropping it from $1,500 to a 10-day low of $29,500. However, as the bulls stepped in once again and recovered almost all the losses, BTC is currently trading higher.
Its market capitalization is close to $600 billion as of now, but its dominance over alts has taken a major blow and is down below 50%. In fact, the metric has declined by about 1% in the past 24 hours.
LTC reaches 14 month high
crypto potato It was reported yesterday that Litecoin’s price action took it to multi-month highs at just under $100. This happened when the hash rate of the network reached ATH before the next halving. However, the outlook for LTC holders turned better once again in the last 24-hours as the asset climbed above $110 for the first time since April 2022.
Dogecoin, Polkadot, Ethereum Classic and Lido DAO are other notable performers among large-cap alts, with gains of up to 7% daily.
BitcoinSV has jumped the most among the top 50 alternatives, rising 18% to over $50.
ETH and BNB are up 1.5% and are above $1,900 and $240, respectively.
The total crypto market cap has remained relatively stable at just under $1.2 trillion.
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cryptocurrency chart by Tradingview.
