Cryptocurrency price analysis: Bitcoin stabilizes, altcoins left behind

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