BTC Retraces Below October Highs: LTC Spikes 7% to 6-Month High (Market Watch)

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Following the latest all-time high charted yesterday, bitcoin has lost some traction and has dipped below $67,000. Most altcoins have also retraced, aside from Litecoin. LTC has marked another impressive increase and has tapped a new six-month high.

Bitcoin Calms Above $66K

During the weekend, which was just three days ago, the price of the primary cryptocurrency had dipped to $60,000. This was the third consecutive such drop in a week.

However, the situation quickly changed, and BTC started to appreciate in value rapidly. In just a day, the asset skyrocketed by $4,000 and came inches away from its October peak of $67,000.

Although it was unable to break it at first, bitcoin initiated another leg up in the following hours and peaked at $68,700, which became the new all-time high.

Since then, though, the asset has lost some ground and has now dipped below $67,000. Nevertheless, its market capitalization stands above $1.250 trillion, while the dominance over the altcoins has increased to 44%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Retraced But Not LTC

Most of the altcoin space also charted impressive gains in the past several days, including new all-time highs. Ethereum was one of those that saw new records at nearly $4,900. However, the second-largest crypto has also dipped since then and currently trades just over $4,700.

The rest of the larger-cap alts are also in the red. These include Binance Coin, Solana, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu, and Terra.

Avalanche, on the other hand, has increased by 3% and is close to registering yet another ATH. Nevertheless, Litecoin is the best performer here once again. LTC has surged by another 7% in the past 24 hours and has reached a new six-month high above $265.

More gains come from Loopring (52%), IoTeX (35%), Kadena (22%), Livepeer (13%), and Quant (12%).

The cryptocurrency market capitalization is down by around $60 billion in a day, but it’s still above $3 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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