Bitcoin’s price attempted to break the $95,000 resistance but faced swift opposition from bears, causing the asset to pull back significantly.
While many altcoins have taken a hit over the past 24 hours, Litecoin (LTC) has been the hardest hit, following a delay by the U.S. SEC on a crucial LTC ETF decision.
Bitcoin Holds Steady at $94K
Bitcoin saw a strong performance toward the end of April and into May, recovering from a dip to $93,000 and pushing higher. This support level has proven pivotal for Bitcoin, which surged after retesting the $93,000 mark last Wednesday.
In just a few hours, Bitcoin surged several thousand dollars, surpassing $97,000. On Friday, the asset briefly touched $98,000, a level not seen in over two months. However, the bullish momentum faded, and Bitcoin began a gradual pullback, eventually retreating to around $94,000.
Despite this drop, Bitcoin’s market cap remains stable at $1.87 trillion, and its dominance over altcoins stands at 62%.
Litecoin Drops Following ETF Delay
Litecoin faced significant losses after the U.S. SEC extended its deadline for deciding on an LTC ETF application. Although the delay was anticipated by many, the market still reacted negatively, with LTC dropping by 7% in a single day and now trading just above $80.
Other major altcoins also experienced declines, including XRP, ETH, ADA, and DOGE, with losses up to 5%. However, a few coins like BNB, TAO, and XMR saw slight gains.
As a result, the total crypto market cap has fallen by $40 billion, now standing at $3.03 trillion.
