Litecoin Plunges Hard After LTC ETF Delay, Bitcoin Stands Calm at $94K (Market Watch)
Bitcoin’s price tried to take down the $95,000 resistance but the bears were quick to intercept the move and pushed the asset south by a grand.
Many altcoins have turned red over the past day. LTC leads this adverse trend after the US SEC delayed making a decision on one of the ETF applications.
BTC Stalls at $94K
Bitcoin had a strong week at the end of April and the beginning of May when its price recovered from yet another slip to $93,000 and went on the offensive. That support line has turned out to be crucial for the asset, at least for now, and BTC spiked after last Wednesday’s retest.
In a few hours, the primary cryptocurrency jumped by several grand and rose above $97,000. The landscape became even more bullish on Friday when BTC tapped $98,000 for the first time in over two months. As the bulls were preparing for an attempt to take down the coveted $100,000 level, though, the situation changed, and bitcoin started to lose value gradually.
The culmination came yesterday and earlier today when BTC dropped toward the aforementioned $93,000 support. It bounced off once again but was stopped at $95,200 and driven south to just over $94,000 as of now.
Its market cap has remained sluggish at $1.870 trillion, while its dominance over the alts is close to 62% on CG.
LTC Drops Hard
Litecoin received some harmful but expected news on the ETF front yesterday when the US SEC extended the deadline to make its final decision for another month or so. Although it was no surprise for many, the native token dropped hard and is down by 7% on a daily scale. As of now, LTC remains inches above $80.
Granted, most other larger-cap alts are in the red as well. These include XRP, DOGE, ETH, ADA, SUI, LINK, LEO, XLM, AAVE, and APT, with losses of up to 5%.
BNB, TAO, and XMR are among the few with minor gains. However, the total crypto market cap has shed another $40 billion and is down to $3.030 trillion on CG.
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