Bitcoin settled at $ 23,500 yesterday, after ATH above $ 24,200. While most altcoins haven’t risen significantly yet, LTC set a new intraday high to over $ 120.
After its all-time high, Bitcoin, which went above $ 24,000 this time, fell to $ 23,500. Some large volume altcoins like Binance Coin and Litecoin have doubled their recent earnings; BNB approached $ 35 and LTC set a new annual record of over $ 120.
BTC’s new ATH and next retreat
After the bullish week that rose above $ 20,000 and resulted in a new all-time high of about $ 24,000, Bitcoin paused a bit, showing signs of consolidation.
However, the brief recession was quickly overshadowed yesterday by another impressive foot and a new record. This time around, BTC broke the $ 24,000 price level and set a new ATH, hovering above $ 24,200 (on Bitstamp).
Following this impressive record, the bears stepped in and quickly dropped BTC by more than $ 1,000 to $ 23,100. However, the leading cryptocurrency has recouped some of its losses and is currently hovering above $ 23,500.
The Network Value to Transaction Rate (NVT) metric points out that the latest ATH could be justified by an increase in the number of unique tokens in circulation, analytics company Santiment’s data show.
The theory behind this is that if the value transferred to the network – token circulation, in this case, is too high compared to the current valuation, the NVT asset’s value is low and it has matured for a breakout.
Tremendous momentum in Litecoin
While some alternative cryptocurrencies cannot mimic BTC’s surge over the past 24 hours, Litecoin has doubled its impressive performance late. LTC has risen nearly 15% since yesterday and reached its year-high level of $ 124 just hours ago.
Binance Coin has become a significant rising coin in the top 10. BNB gained 5% and is currently trading around $ 34. Interestingly, this could be attributed to arguments on the Binance team that the exchange could start burning more BNB.
On a 24-hour scale, ETH, Ripple, and Bitcoin Cash are a bit green. Chainlink, Polkadot and Cardano recorded minor losses.
Huobi Token (5%), Zilliqa (4.5%), NEAR Protocol (4%) and FTX Token (4%) gained more. By contrast, REN OMG and Ontology became the most losing coins.