Litecoin Spikes Above $ 120 (Market Watch)

Always following another successive peak, this time above $ 24,000, bitcoin went back to about $ 23,500. Some large-cap altcoins like Binance Coin and Litecoin have doubled down on their recent earnings, with BNB approaching $ 35 and LTC painting a new year high of over $ 120.

BTH New ATH and the Retracement Thereafter

After the highly volatile bullish week that resulted in a cut above $ 20,000 and an all-time high of nearly $ 24,000, bitcoin took a slight break, showing signs of consolidation.

However, the short stagnation was quickly overshadowed yesterday by another impressive leg and a new record. This time, BTC broke the $ 24,000 price level and charted a fresh ATH of over $ 24,200 (on Bitstamp).

After this impressive record, the bears took the helm and drove BTC down rapidly from more than $ 1,000 to a low of $ 23,100. Nonetheless, the primary cryptocurrency has recovered some of the losses and is currently hovering above $ 23,500.

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

According to data from analytics firm Santiment, the Network Value to Transaction Ratio (NVT) metric indicates that the latest ATH could be justified with the increasing number of unique tickets in circulation.

The theory behind it suggests that if the value transferred on the network – ticket circulation, in this case, is too high compared to the current valuation, the NVT is view that the asset is undervalued and ripe for break-out and vice versa.

Bitcoin Price Vs.  Bitcoin NVT.  Source: Santiment
Bitcoin Price Vs. Bitcoin NVT. Source: Santiment

Most Altcoins Left Behind: Litecoin Spikes Above $ 120

While some alternative coins have failed to mimic the BTC surge over the last 24 hours, Litecoin has doubled down on its impressive performance as of late. LTC is up nearly 15% since yesterday and reported another annual high of $ 124 just hours ago.

Binance Coin is another notable winner of the top 10. BNB has added 5% of the value and is currently trading near $ 34. Interestingly, this could be attributed discussions within the Binance team that the exchange could start burning more BNB.

On a 24-hour scale, ETH, Ripple, and Bitcoin Cash are just in the green. Chainlink, Polkadot, and Cardano have registered minor losses.

Cryptocurrency Market Overview.  Source: Crypto Quantification
Cryptocurrency Market Overview. Source: Crypto Quantification

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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Cryptocurrency charts by TradingView.