2. März 2024

Litecoin (LTC) Soars 14-Month High Above $100, Bitcoin (BTC) Reclaims $30K

• Bitcoin (BTC) reclaimed $30,000 after dipping to a 10-day low following a WSJ report.
• Altcoins such as Litecoin (LTC), LDO, VET, and BSV have shot up.
• Bitcoin’s dominance over the altcoins has declined on a daily scale.

Bitcoin Reclaims $30K

Bitcoin went on a short-lived roller-coaster yesterday but has since reclaimed its previous level of $30,000 after dumping to a 10-day low. The cryptocurrency had remained in a tighter range between $30,000 and 31,000 before attempting to break out of that range and reaching an intra-day high of $31,250. This price increase was short-lived however as it all changed after the Wall Street Journal reported that SEC deemed the recent BTC Spot ETF filings from BlackRock and Fidelity as “inadequate”.

Altcoins Surge

The altcoins have seen significant gains today with BitcoinSV emerging as the top performer among the top 50 cryptocurrencies with an 18% surge. Despite this dump and pump incident for BTC, its dominance over the altcoins has declined significantly on daily scales with some altcoins such as Litecoin (LTC), LDO, VET, and BSV shooting up significantly.

SEC Ruling On ETFs

The SEC ruling on ETFs came after news emerged last week that several major companies such as BlackRock and Fidelity had filed for their own BTC spot ETFs which were deemed inadequate by the SEC in their latest ruling. This news led to a short term dip in Bitcoin prices leading investors to look towards other cryptocurrency options which saw many altcoins surge in value today.

Dip In Bitcoin Dominance

The dip in bitcoin dominance is mainly attributed to this incident due to investors exploring their options within the crypto space while waiting for further regulation regarding ETFs from regulators around the world before investing further into btc markets again which could lead to another bullish run similar to what we saw last week if those regulations are met positively by investors across markets worldwide.

Conclusion

In conclusion, bitcoin has regained its previous level of $30k after dropping due to news about SEC deeming recent BTC Spot ETF filings from Blackrock & Fidelity „Inadequate“. Altcoins like Litecoin (LTC), LDO, VET & BSV have seen significant gains while bitcoin’s domination over them decreased significantly due to investor looking for more crypto options while waiting for further regulations regarding ETFs from regulators around the world before investing further into btc markets again which could lead another bull run similar to what we saw last week if those regulations are met positively by investors across markets worldwide