Below $50: Litecoin Price Clocks 12-Month Low
The price of litecoin (LTC) hit a 12-month low below $50.00 on Wednesday.
The world’s seventh largest cryptocurrency by market capitalization sank to $47.67 at 10:34 UTC – its lowest price since September 22, 2017. LTC was last seen at $49.08, down more than 8 percent on the day, according to CoinMarketCap.
Notably, LTC is the second biggest loser among the top 10 cryptocurrencies by market cap, reporting a 22.5 percent loss week-on-week. Further, it is down 86 percent from its all-time high of $344 set last December.
Other cryptocurrencies are also reporting sharp losses today. For instance, ether (ETH), bitcoin cash (BCH) and monero (XMR) are all posting 24-hour losses above 9 percent. Meanwhile, Stellar lumens (XLM) is currently the only cryptocurrency out of the top 50 showing a 24-hour gain, albeit a meager one of 0.02 percent – likely based on positive news flow in recent days.
The risk aversion is likely associated with bitcoin’s (BTC) 15 percent week-on-week drop. The leading cryptocurrency’s current price of $6,273 is just around $400 away from setting a new low for the year, which if surpassed, will likely drag down the rest of market with it.
Looking forward, LTC may witness a minor corrective rally, since the relative strength index is reporting oversold conditions. However, if BTC fails to achieve a chart-indicated recovery, then the relief rally may not materialize.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Litecoins image via Shutterstock
You may be interested
World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expectbtcethereumadmin - September 4, 2019
Arguably set to become the world’s biggest Bitcoin Cash conference yet, Bitcoin Cash City kicked off today in sunny Townsville,…
New Storm Concept Could Strengthen Bitcoin Cash Instant Transactionsbtcethereumadmin - September 4, 2019
Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta…
Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoinbtcethereumadmin - September 4, 2019
Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The…