Bitcoin News Today: Litecoin Surges 8.5% as Bitcoin Slides Below $116,000

Litecoin surged over 8.5% in a single day, defying a broader market downturn that saw most major cryptocurrencies post losses [1]. The rise in LTC came as Bitcoin (BTC) faced resistance ahead of the $116,000 level, with bearish pressure evident following the U.S. Federal Reserve’s decision to maintain key interest rates unchanged for the fifth consecutive meeting [1]. This caused BTC to slide from $119,000 to under $116,500 last week, with further declines pushing the price down to $112,000 over the weekend, marking a three-week low [1].

Bitcoin showed some resilience in the following days, rebounding to just over $115,600, but failed to break through the $116,000 resistance level. As of now, BTC is trading near $114,000 [1]. The continued struggle for upward momentum has pushed Bitcoin’s market dominance below 60%, with its market cap declining to $2.27 trillion on CoinGecko [1].

The broader altcoin market largely followed the downward trend, with TON and ENA posting double-digit losses in a single day. XLM, HBAR, and XMR also recorded significant declines [1]. While Ethereum (ETH), Solana (SOL), and Tron (TRX) managed minor gains, most major tokens—including SUI, LINK, ADA, BNB, DOGE, and XRP—remained in the red [1].

Litecoin, however, bucked the trend, rallying above $120 and notching an impressive 8.5% increase within 24 hours [1]. MNT also saw a strong performance, surging by 20% to nearly $0.9 [1]. These contrasting movements highlight the uneven dynamics within the crypto market during the latest correction. The overall cryptocurrency market cap has retreated by approximately $40 billion from its peak, settling back at $3.8 trillion on CoinGecko [1].

The divergence in performance between Bitcoin and altcoins underscores the market’s inherent volatility and the unpredictable behavior of individual assets during broader corrections. As Bitcoin consolidates below $116,000, traders and analysts are closely watching for signs of a sustained reversal or further deterioration in sentiment [1].

Source: [1] LTC Explodes 8% Despite Market-Wide Retracement, BTC Rejected Ahead of $116K: Market Watch

https://cryptopotato.com/ltc-explodes-8-despite-market-wide-retracement-btc-rejected-ahead-of-116k-market-watch/