Following another all-time high, this time above $24,000, Bitcoin retraced to about $23,600. Cryptocurrency price analysis shows that most of altcoins left behind. Some large-cap altcoins like Binance Coin and Litecoin have doubled-down on their recent gains, with BNB nearing $35 and LTC hitting a new yearly high of over $120.
BTC’s New ATH And The Subsequent Retracement
After a highly volatile bullish week that resulted in hitting $20,000 and a new all-time high of nearly $24,000, bitcoin corrected a little, showing signs of consolidation.
However, the brief stagnation was rapidly overshadowed yesterday by another significant leg up and a new record. This time, it breached the $24,000 price level and charted a fresh ATH of over $24,200 on Bitstamp.
After this notable record, the bears took charge and quickly drove BTC down by more than $1,000 to a low of $23,100. Nevertheless, the flagship cryptocurrency has recovered some of the losses and currently trading around $23,500.
According to data from the analytics firm Santiment, the Network Value to Transactions Ratio (NVT) metric points out that the latest ATH (all-time high) 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 in comparison to the current valuation, the NVT deems the asset is undervalued and ready for a breakout and vice-versa.
Most Altcoins Left Behind
While some alternative coins couldn’t mimic BTC’s increase 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.
Binance Coin is another important gainer from the top 10. BNB has added 5% of value and currently trades near $34. Cryptocurrency price analysis suggests that this could be attributed to discussions within the Binance team that the exchange might begin burning more BNB.
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%).