Thursday, December 1, 2022

Litecoin Spikes 8% After Volatile Week Ends, BTC Reclaimed $43K

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Litecoin spikes 8% after the volatile week ended and Bitcoin managed to add another $1000 in the past 24 hours and managed to reach the $43,000 price level as we are reading more in our latest altcoin news today.

After yesterday’s drop to below $42,000 levels, BTC managed to bounce off and to spike near $43,000. most of the altcoins are in the green on the daily scale with BNB nearing $500 and some more impressive gains coming from ATOM and Litecoin. Litecoin spikes 8% after the volatile week ended. The past few days seemed quite positive for the main cryptocurrency and the asset recovered from the dip below $40,000 and it was increasing in value slowly. In a few days, it added more than $4000 in value and resulted in breaking above $44,000 on a few occasions but this is where the landscape changed. After hitting the $44,500 level, the bears pushed BTC south and this time, BTC dropped by over $2500 and declined to go under $42,000.

btcusd
BTCUSD. Source TradingView

BTC added around $1000 of value and now sits at $43,000 and its market cap remained above $800 billion. Ethereum went through a volatile week of its own over the past few days which included a drop to the multi-month low below $3000 and after that dump, ETH went on the offensive and recovered $300 in a few days. The smaller 2% increase since yesterday pushed the second biggest crypto to above $3300. Binance Coin is up by 3% and it is nearing the $500 level. Ripple, Avalanche, Shiba Inu, MATIC, Polkadot, LINK, and Terra are also in the green.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

Litecoin increased 8% and it is the most substantial gainer from the bigger altcoins followed by ATOM which also increased by 7%. Dogecoin, ADA, and Solana all tapped some smaller losses. The crypto market cap increased by $40 billion since yesterday and remains above $2 trillion.

As recently reported, Bitcoin got rejected at $44K and the rejection drove it south by $2000 and most altcoins are also in the red today with DOGE being among the exceptions as it jumped by double digits following some news from Tesla. After the latest price drop on Monday where the primary cryptocurrency dropped below $40,000 for the first time in months, the asset started reclaiming value fast and jumped to $42,000 before another leg up boosted the price to $44,000 as the US announced the highest inflation rate number in 40 years.

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