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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.”
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.
$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.
