Bitcoin Stabilized After $1K Correction, LTC Followed Above $120

Bitcoin stabilized after $1K correction and yesterday’s ATH above $24,200 while Litecoin followed and hit $120 setting a new year-to-date high as we are reading more today in our altcoin news.

Following another all-time of $24,000, BTC retraced to about $23,500 while other larger-cap altcoins like Bitcoin Coin and Litecoin doubled down on the recent gains with BNB hitting $35 and LTC painted a new yearly high of $120. After the volatile bullish week, Bitcoin broke above $20,000 and reached a new all-time high of nearly $24,000 with BTC took a little break showing signs of consolidation. However, the stagnation was overshadowed by another impressive leg up and managed to reach a new record. BTC breached the $24,000 price level with a charted ATH of over $24,200.

After the impressive record, the bears took charge and drove BTC down by about $1000 to a new low of $23,100 but the primary cryptocurrency recovered a few of the losses and hovers above $23,500. According to the new data from Santiment, the Network Value to Transactions Ratio metric shows that the latest ATH could be justified with the increase in the number of unique tokens in circulation.

The analysis shows that if the value transferred on the network or token circulation, in this case, was too high compared to the current valuation, the NVT looks at the asset as undervalued and ripe for a new breakout and vice-versa. Bitcoin stabilized above the $1K correction wave and Litecoin followed with some impressive performance as of late. LTC is up by 15% since yesterday and marked another high of $124. Binance Coin is another gainer from the top 10 as it added 5% of the value and now trades near $34. This could be attributed to discussions in the Binance team that the exchange could start burning more BNB.

On a 24-hour scale, ETH, Bitcoin Cash, and bitcoin are in the green. Chainlink, Cardano, and Polkadot registered more losses. Further gains are evident from Zilliqa, Huobi Token, Near Protocol which declined by 4% to 5% but REN was the biggest loser dropping by 4.5%, and OMG by 4%.

Also, as reported in our recent news, BTC rallied further and traded to a new all-time high above the $24,000 level with the price correcting below the $23,500 but it is well above the 100 simple moving average and a break above the key contracting triangle with resistance near the $23,100 on the 4-hour charts of the pair. BTC/USD could likely find a strong buying interest near the $23,000 or $22,780.