LTC Skyrockets Above $100 As Bitcoin Maintains $23K (Market Watch)

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Following the massive surge towards a new all-time high of nearly $24,000, bitcoin dipped and calmed around $23,000. Some alternative coins, such as Litecoin and Ripple, have added value in the past day resulting in the total market cap tapping $670 billion.

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Bitcoin consolidated around the $19,000 mark for a few days before initiating an impressive leg up that resulted in breaking a few records.

Initially, the primary cryptocurrency breached above $20,000 for the first time. Although this was a historical moment of its own, BTC wasn’t done and continued further north.

In the following hours, bitcoin added nearly $4,000 of value and painted a fresh ATH of almost $23,800 (on Bitstamp).

The increased fluctuations continued, but this time in the opposite direction, and BTC lost $1,400 to a low of $22,400. Nevertheless, BTC has bounced off and currently sits around $23,000.

The technical indicators suggest that the following resistance lines are situated at major psychological levels – $24,000, $25,000, etc.

Alternatively, the support lines at $22,250, $21,400, and $20,700 could assist in case the trend reverses, and BTC heads south.

BTCUSD. Source: TradingView
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Most alternative coins followed bitcoin on the way up with some impressive gains registered in the past few days. While a number of altcoins, such as ETH, Bitcoin Cash, Binance Coin, Chainlink, Polkadot, and Cardano, have stalled on a 24-hour scale, others like Ripple and Litecoin have continued marching forwards.

XRP has added another 6% of value and is close to challenging $0.60. On the other hand, LTC has exploded by 16% and broken above $100 for the first time since mid-2019. The coin described as the silver to bitcoin’s gold has painted a new yearly high of $112.

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Cryptocurrency Market Heatmap. Source: Quantify Crypto

Further gains are evident from lower- and mid-cap altcoins. NEM has increased by 6% to $0.27. Decred (5.5%), SwissBorg (5.3%), Nexo (5.2%), and ABBC Coin (5%) follow.

The cumulative market capitalization marked a new high since January 2018 of $670 billion a few hours ago. As such, the metric has added $100 billion in two days and $150 billion in a week.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap
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Cryptocurrency charts by TradingView.

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