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Following another consecutive all-time high, this time above $24,000, bitcoin retraced to about $23,500. Some large-cap altcoins such as Binance Coin and Litecoin have doubled-down on their recent gains, with BNB nearing $35 and LTC painting a new yearly high of over $120.
BTC’s New ATH And The Subsequent Retracement
After the highly volatile bullish week that resulted in breaking above $20,000 and a new all-time high of nearly $24,000, bitcoin took a little break, showing signs of consolidation.
However, the brief stagnation was rapidly overshadowed yesterday by another impressive leg up and a new record. This time, BTC breached the $24,000 price level and charted a fresh ATH of over $24,200 (on Bitstamp).
After this impressive record, the bears took charge and quickly drove BTC down by more than $1,000 to a low of $23,100. Nevertheless, the primary cryptocurrency has recovered some of the losses and currently hovers above $23,500.
According to data from the analytics company Santiment, the Network Value to Transactions Ratio (NVT) metric points out that the latest ATH could be justified with the increased number of unique tokens in circulations.
The theory behind it suggests that if the value transferred on the network – token circulation, in this case, is too high compared to the current valuation, the NVT deems the asset is undervalued and ripe for a breakout and vice-versa.
Bitcoin Price Vs. Bitcoin NVT. Source: Santiment
Most Altcoins Left Behind: Litecoin Spikes Above $120
While some alternative coins failed to mimic BTC’s surge over the past 24 hours, Litecoin has doubled-down on its impressive performance as of late. LTC is up by nearly 15% since yesterday and marked another yearly high of $124 a few hours back.
Binance Coin is another notable gainer from the top 10. BNB has added 5% of value and currently trades near $34. Interestingly, this could be attributed to discussions within the Binance team that the exchange might start burning more BNB.
On a 24-hour scale, ETH, Ripple, and Bitcoin Cash are slightly in the green. Chainlink, Polkadot, and Cardano have registered minor losses.
Cryptocurrency Market Overview. Source: Quantify Crypto
Further gains are evident from Huobi Token (5%), Zilliqa (4.5%), NEAR Protocol (4%), and FTX Token (4%). In contrast, REN has lost the most (-4.5%), followed by OMG Network (-4%), 0x (-4%), and Ontology (-4%).
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